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53 5. EXTENSION OF CLOSING DATE:
<br />54 (a) If Paragraph 8(b) is checked and Closing funds from Buyer's lender(s) are not available on Closing Date due
<br />55 to Consumer Financial Protection Bureau Closing Disclosure delivery requirements ("CFPB Requirements"),
<br />56 then Closing Date shall be extended for such period necessary to satisfy CFPB Requirements, provided such
<br />57 period shall not exceed 10 days.
<br />56 (b) If an event constituting "Force Majeure" causes services essential for Closing to be unavailable, including the
<br />59 unavailability of utilities or issuance of hazard, wind, flood or homeowners' insurance, Closing Date shall be
<br />60 extended as provided in STANDARD G.
<br />61 6. OCCUPANCY AND POSSESSION:
<br />62 (a) Unless the box in Paragraph 6(b) is checked, Seller shall, at Closing, deliver occupancy and possession of the
<br />63 Property to Buyer free of tenants, occupants and future tenancies. Also, at Closing, Seller S00tommawwd
<br />64shall deliver all keys, garage door openers, access devices
<br />65 and codes, as applicable, to Buyer. If occupancy is to be delivered before Closing, Buyer assumes all risks of
<br />66 loss to the Property from date of occupancy, shall be responsible and liable for maintenance from that date,
<br />67 and shall be deemed to have accepted the Property in its existing condition as of time of taking occupancy.
<br />66* (b) ❑ CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is
<br />69 subject to a lease(s) after Closing or is intended to be rented or occupied by third parties beyond Closing, the
<br />70 facts and terms thereof shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall
<br />71 be delivered to Buyer, all within 5 days after Effective Date. If Buyer determines, in Buyer's sole discretion, that
<br />72 the lease(s) or terms of occupancy are not acceptable to Buyer, Buyer may terminate this Contract by delivery
<br />73 of written notice of such election to Seller within 5 days after receipt of the above items from Seller, and Buyer
<br />74 shall be refunded the Deposit thereby releasing Buyer and Seller from all further obligations under this Contract.
<br />75 Estoppel Letter(s) and Seller's affidavit shall be provided pursuant to STANDARD D. If Property is intended to
<br />76 be occupied by Seller after Closing, see Rider U. POST -CLOSING OCCUPANCY BY SELLER.
<br />77* 7. ASSIGNABILITY: (CHECK ONE): Buyer ❑ may assign and thereby be released from any further liability under
<br />76* this Contract; ❑ may assign but not be released from liability under this Contract; or A may not assign this
<br />79 Contract,
<br />60 FINANCING
<br />81 8. FINANCING:
<br />62* Irl (al Ri dyer will pay cash fnr the pi irnha8e of the Property at Closing. Thera is no financing contingency to Buyer's
<br />83 obligation to close. If Buyer obtains a loan for any part of the Purchase Price of the Property, Buyer acknowledges
<br />64 that any terms and conditions imposed by Buyer's lender(s) or by CFPB Requirements shall not affect or extend
<br />85 the Buyer's obligation to close or otherwise affect any terms or conditions of this Contract.
<br />66* ❑ (b) This Contract is contingent upon Buyer obtaining approval of a ❑ conventional ❑ FHA ❑ VA or ❑ other
<br />67* (describe) loan within (if left blank, then 30) days after Effective Date ("Loan Approval
<br />ee* Period") for (CHECK ONE): ❑ fixed, ❑ adjustable, ❑ fixed or adjustable rate in the Loan Amount (See Paragraph
<br />99* 2(c)), at an initial interest rate not to exceed % (if left blank, then prevailing rate based upon Buyer's
<br />9o* creditworthiness), and for a term of (if left blank, then 30) years ("Financing").
<br />91* (i) Buyer shall make mortgage loan application for the Financing within (if left blank, then 5) days
<br />92 after Effective Date and use good faith and diligent effort to obtain approval of a loan meeting the Financing terms
<br />93 ("Loan Approval") and thereafter to close this Contract. Loan Approval which requires a condition related to the sale
<br />94 by Buyer of other property shall not be deemed Loan Approval for purposes of this subparagraph.
<br />95 Buyer's failure to use diligent effort to obtain Loan Approval during the Loan Approval Period shall be considered a
<br />96 default under the terms of this Contract. For purposes of this provision, "diligent effort" includes, but is not limited
<br />97 to, timely furnishing all documents and information and paying of all fees and charges requested by Buyer's
<br />96 mortgage broker and lender in connection with Buyer's mortgage loan application.
<br />99 (ii) Buyer shall keep Seller and Broker fully informed about the status of Buyer's mortgage loan application,
<br />100 Loan Approval, and loan processing and authorizes Buyer's mortgage broker, lender, and Closing Agent to disclose
<br />101 such status and progress, and release preliminary and finally executed closing disclosures and settlement
<br />102 statements, to Seller and Broker.
<br />103 (iii) Upon Buyer obtaining Loan Approval, Buyer shall promptly deliver written notice of such approval to Seller.
<br />104 (iv) If Buyer is unable to obtain Loan Approval after the exercise of diligent effort, then at any time prior to
<br />105 expiration of the Loan Approval Period, Buyer may provide written notice to Seller stating that Buyer has been
<br />106 unable to obtain Loan Approval and has elected to either:
<br />107 (1) waive Loan Approval, in which event this Contract will continue as if Loan Approval had been obtained; or
<br />106 (2) terminate this Contract.
<br />DS
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