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Authentisign ID: B21E2127-E1FD-EEI1-AAF2-6045BDD68161
<br />53* this Contract, the Closing shall occur on see additional terms # 20 ("Closing Date"), at the time
<br />54 established by the Closing Agent.
<br />55 5. EXTENSION OF CLOSING DATE:
<br />56 (a) In the event Closing funds from Buyer's lender(s) are not available on Closing Date due to Consumer Financial
<br />57 Protection Bureau Closing Disclosure delivery requirements ("CFPB Requirements"), if Paragraph 8(b) is
<br />58 checked, Loan Approval has been obtained, and lender's underwriting is complete, then Closing Date shall be
<br />59 extended for such period necessary to satisfy CFPB Requirements, provided such period shall not exceed 7
<br />60 days.
<br />61 (b) If an event constituting "Force Majeure" causes services essential for Closing to be unavailable, including the
<br />62 unavailability of utilities or issuance of hazard, wind, flood or homeowners' insurance, Closing Date shall be
<br />63 extended as provided in STANDARD G.
<br />64 6. OCCUPANCY AND POSSESSION:
<br />65 (a) Unless Paragraph 6(b) is checked, Seller shall, at Closing, deliver occupancy and possession of the Property
<br />66 to Buyer free of tenants, occupants and future tenancies. Also, at Closing, Seller shall have removed all
<br />67 personal items and trash from the Property and shall deliver all keys, garage door openers, access devices and
<br />68 codes, as applicable, to Buyer. If occupancy is to be delivered before Closing, Buyer assumes all risks of loss
<br />69 to the Property from date of occupancy, shall be responsible and liable for maintenance from that date, and
<br />70 shall have accepted the Property in its existing condition as of time of taking occupancy, see Rider T PRE -
<br />71 CLOSING OCCUPANCY BY BUYER.
<br />72 (b) ❑ CHECK IF PROPERTY IS SUBJECT TO LEASE(S) OR OCCUPANCY AFTER CLOSING. If Property is
<br />73 subject to a lease(s) or any occupancy agreements (including seasonal and short-term vacation rentals) after
<br />74 Closing or is intended to be rented or occupied by third parties beyond Closing, the facts and terms thereof
<br />75 shall be disclosed in writing by Seller to Buyer and copies of the written lease(s) shall be delivered to Buyer, all
<br />76 within 5 days after Effective Date. If Buyer determines, in Buyer's sole discretion, that the lease(s) or terms of
<br />77 occupancy are not acceptable to Buyer, Buyer may terminate this Contract by delivery of written notice of such
<br />78 election to Seller within 5 days after receipt of the above items from Seller, and Buyer shall be refunded the
<br />79 Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. Estoppel Letter(s)
<br />80 and Seller's affidavit shall be provided pursuant to STANDARD D, except that tenant Estoppel Letters shall not
<br />81 be required on seasonal or short-term vacation rentals. If Property is intended to be occupied by Seller after
<br />82 Closing, see Rider U POST -CLOSING OCCUPANCY BY SELLER.
<br />83 * 7. ASSIGNABILITY: (CHECK ONE): Buyer ❑ may assign and thereby be released from any further liability under
<br />84 * this Contract; ❑ may assign but not be released from liability under this Contract; or ® may not assign this Contract.
<br />85 IF NO BOX IS CHECKED, THEN BUYER MAY NOT ASSIGN THIS CONTRACT.
<br />86 FINANCING
<br />87 8. FINANCING:
<br />88* ® (a) This is a cash transaction with no financing contingency.
<br />89* ❑ (b) This Contract is contingent upon, within (if left blank, then 30) days after Effective Date ("Loan
<br />9o* Approval Period"): (1) Buyer obtaining approval of a ❑ conventional ❑ FHA ❑ VA or ❑ other
<br />91 * (describe) mortgage loan for purchase of the Property for a (CHECK ONE): ❑ fixed, ❑ adjustable, ❑ fixed or
<br />92* adjustable rate in the Loan Amount (See Paragraph 2(c)), at an initial interest rate not to exceed % (if left
<br />93* blank, then prevailing rate based upon Buyer's creditworthiness), and for a term of (if left blank, then 30)
<br />94 years ("Financing"); and (2) Buyer's mortgage broker or lender having received an appraisal or alternative valuation
<br />95 of the Property satisfactory to lender, if either is required by lender, which is sufficient to meet the terms required
<br />96 for lender to provide Financing for Buyer and proceed to Closing ("Appraisal").
<br />97* (i) Buyer shall make application for Financing within (if left blank, then 5) days after Effective Date
<br />98 and use good faith and diligent effort to obtain approval of a loan meeting the Financing and Appraisal terms of
<br />99 Paragraph 8(b)(1) and (2), above, ("Loan Approval") within the Loan Approval Period and, thereafter, to close this
<br />100 Contract. Loan Approval which requires Buyer to sell other real property shall not be considered Loan Approval
<br />101 unless Rider V is attached.
<br />102 Buyer's failure to use good faith and diligent effort to obtain Loan Approval during the Loan Approval Period shall
<br />103 be considered a default under the terms of this Contract. For purposes of this provision, "diligent effort" includes,
<br />104 but is not limited to, timely furnishing all documents and information required by Buyer's mortgage broker and lender
<br />105 and paying for Appraisal and other fees and charges in connection with Buyer's application for Financing.
<br />106 (ii) Buyer shall, upon written request, keep Seller and Broker fully informed about the status of Buyer's
<br />107 mortgage loan p I ation, loan processing, appraisal, and Loan Approval, including any Property related condition
<br />108 of Loan App val. uyer uthorizes Buyer's mortgage broker, lender, and Closing Agent to disclos ch stat
<br />Buyer's Initials Page 2 of 13 Seller's Initials
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