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form, Buyer agrees to execute and return to Seller or Broker working with Seller, written mutual instructions (e.g., Earnest Money
<br />Release form), within three days of Buyer's receipt.
<br />4.3.2.1. Seller Failure to Timely Return Earnest Money. If Seller fails to timely execute and return the
<br />Earnest Money Release Form, or other written mutual instructions, Seller is in default and liable to Buyer as set forth in "If Seller
<br />is in Default", § 20.2. and § 21, unless Seller is entitled to the Earnest Money due to a Buyer default.
<br />4.3.2.2. Buyer Failure to Timely Release Earnest Money. If Buyer fails to timely execute and return the
<br />Earnest Money Release Form, or other written mutual instructions, Buyer is in default and liable to Seller as set forth in "If Buyer
<br />is in Default, § 20.1. and § 21, unless Buyer is entitled to the Earnest Money due to a Seller Default.
<br />4.4. Form of Funds; Time of Payment; Available Funds.
<br />4.4.1. Good Funds. All amounts payable by the parties at Closing, including any loan proceeds, Cash at Closing
<br />and closing costs, must be in funds that comply with all applicable Colorado laws, including electronic transfer funds, certified
<br />check, savings and loan teller's check and cashier's check (Good Funds).
<br />4.4.2. Time of Payment. All funds, including the Purchase Price to be paid by Buyer, must be paid before or at
<br />Closing or as otherwise agreed in writing between the parties to allow disbursement by Closing Company at Closing OR SUCH
<br />NONPAYING PARTY WILL BE IN DEFAULT.
<br />4.4.3. Available Funds. Buyer represents that Buyer, as of the date of this Contract, ® Does ❑ Does Not have
<br />funds that are immediately verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1.
<br />4.5. New Loan.
<br />4.5.1. Buyer to Pay Loan Costs. Buyer, except as otherwise permitted in § 4.2. (Seller Concession), if applicable,
<br />must timely pay Buyer's loan costs, loan discount points, prepaid items and loan origination fees as required by lender.
<br />4.5.2. Buyer May Select Financing. Buyer may pay in cash or select financing appropriate and acceptable to
<br />Buyer, including a different loan than initially sought, except as restricted in § 4.5.3. (Loan Limitations) or § 30 (Additional
<br />Provisions).
<br />4.5.3. Loan Limitations. Buyer may purchase the Property using any of the following types of loans:
<br />® Conventional ❑ FHA ❑ VA ❑ Bond ❑ Other
<br />If either or both of the FHA or VA boxes are checked, and Buyer closes the transaction using one of those loan types, Seller agrees
<br />to pay those closing costs and fees that Buyer is not allowed by law to pay not to exceed $
<br />However, this amount does not include any compensation to be paid to Buyer's brokerage firm.
<br />I TRANSACTION PROVISIONS I
<br />5. FINANCING CONDITIONS AND OBLIGATIONS.
<br />5.1. New Loan, Assumption Application. If Buyer is to pay all or part of the Purchase Price by obtaining one or more
<br />new loans (New Loan), or if an existing loan is not to be released at Closing, Buyer, if required by such lender, must make an
<br />application verifiable by such lender, on or before New Loan Application Deadline and exercise reasonable efforts to obtain such
<br />loan or approval.
<br />5.2. New Loan Terms; New Loan Availability.
<br />5.2.1. New Loan Terms. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is
<br />conditional upon Buyer determining, in Buyer's sole subjective discretion, whether the proposed New Loan's payments, interest
<br />rate, conditions and costs or any other loan terms (New Loan Terms) are satisfactory to Buyer. This condition is for the sole benefit
<br />of Buyer. Buyer has the Right to Terminate under § 24.1., on or before New Loan Terms Deadline, if the New Loan Terms are not
<br />satisfactory to Buyer, in Buyer's sole subjective discretion.
<br />5.2.2. New Loan Availability. If Buyer is to pay all or part of the Purchase Price with a New Loan, this Contract is
<br />conditional upon Buyer's satisfaction with the availability of the New Loan based on the lender's review and underwriting of Buyer's
<br />New Loan Application (New Loan Availability). Buyer has the Right to Terminate under § 24.1., on or before the New Loan
<br />Availability Deadline if the New Loan Availability is not satisfactory to Buyer. Buyer does not have a Right to Terminate based on the
<br />New Loan Availability if the termination is based on the New Loan Terms, Appraised Value (defined below), the Lender Property
<br />Requirements (defined below), Insurability (§ 10.5. below) or the Conditional Upon Sale of Property (§ 10.7. below). IF SELLER IS
<br />NOT IN DEFAULT AND DOES NOT TIMELY RECEIVE BUYER'S WRITTEN NOTICE TO TERMINATE, BUYER'S
<br />EARNEST MONEY WILL BE NONREFUNDABLE, except as otherwise provided in this Contract (e.g., Appraisal, Title,
<br />Survey).
<br />5.3. Credit Information. This Contract is conditional (for the sole benefit of Seller) upon Seller's approval of Buyer's
<br />financial ability and creditworthiness, which approval will be in Seller's sole subjective discretion. Accordingly: (1) Buyer must
<br />supply to Seller by Buyer's Credit Information Deadline, at Buyer's expense, information and documents (including a current
<br />credit report) concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer's
<br />financial ability and creditworthiness; and (3) any such information and documents received by Seller must be held by Seller in
<br />confidence and not released to others except to protect Seller's interest in this transaction. If the Cash at Closing is less than as set
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