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forth in § 4.1. of this Contract, Seller has the Right to Terminate under § 24.1., on or before Closing. If Seller disapproves of Buyer's
<br />financial ability or creditworthiness, in Seller's sole subjective discretion, Seller has the Right to Terminate under § 24.1., on or
<br />before Disapproval of Buyer's Credit Information Deadline.
<br />5.4. Existing Loan Review. Seller must deliver copies of the loan documents (including note, deed of trust and any
<br />modifications) to Buyer by Existing Loan Deadline. For the sole benefit of Buyer, this Contract is conditional upon Buyer's review
<br />and approval of the provisions of such loan documents. Buyer has the Right to Terminate under § 24.1., on or before Existing Loan
<br />Termination Deadline, based on any unsatisfactory provision of such loan documents, in Buyer's sole subjective discretion. If the
<br />lender's approval of a transfer of the Property is required, this Contract is conditional upon Buyer obtaining such approval without
<br />change in the terms of such loan, except as set forth in § 4.6. If lender's approval is not obtained by Loan Transfer Approval
<br />Deadline, this Contract will terminate on such deadline. Seller has the Right to Terminate under § 24.1., on or before Closing, in
<br />Seller's sole subjective discretion, if Seller is to be released from liability under such existing loan and Buyer does not obtain such
<br />compliance as set forth in § 4.6.
<br />5.5. Buyer Representation of Principal Residence. Buyer represents that Buyer will occupy the Property as Buyer's
<br />principal residence unless the following box is checked, then Buyer ❑ represents that Buyer will NOT occupy the Property as
<br />Buyer's principal residence.
<br />6. APPRAISAL PROVISIONS.
<br />6.1. Appraisal Definition. An "Appraisal" is an opinion of value prepared by a licensed or certified appraiser, engaged on
<br />behalf of Buyer or Buyer's lender, to determine the Property's market value (Appraised Value). The Appraisal may also set forth
<br />certain lender requirements, replacements, removals or repairs necessary on or to the Property as a condition for the Property to be
<br />valued at the Appraised Value.
<br />6.2. Appraised Value. The applicable appraisal provision set forth below applies to the respective loan type set forth in
<br />§ 4.5.3., or if a cash transaction (i.e., no financing), § 6.2.1. applies.
<br />6.2.1. Conventional/Other. Buyer has the right to obtain an Appraisal. If the Appraised Value is less than the
<br />Purchase Price, or if the Appraisal is not received by Buyer on or before Appraisal Deadline Buyer may, on or before Appraisal
<br />Objection Deadline:
<br />6.2.1.1. Notice to Terminate. Notify Seller in writing, pursuant to § 24.1., that this Contract is terminated;
<br />or
<br />6.2.1.2. Appraisal Objection. Deliver to Seller a written objection accompanied by either a copy of the
<br />Appraisal or written notice from lender that confirms the Appraised Value is less than the Purchase Price (Lender Verification).
<br />6.2.1.3. Appraisal Resolution. If an Appraisal Objection is received by Seller, on or before Appraisal
<br />Objection Deadline and if Buyer and Seller have not agreed in writing to a settlement thereof on or before Appraisal Resolution
<br />Deadline, this Contract will terminate on the Appraisal Resolution Deadline, unless Seller receives Buyer's written withdrawal of
<br />the Appraisal Objection before such termination, (i.e., on or before expiration of Appraisal Resolution Deadline).
<br />6.3. Lender Property Requirements. If the lender imposes any written requirements, replacements, removals or
<br />repairs, including any specified in the Appraisal (Lender Property Requirements) to be made to the Property (e.g., roof repair,
<br />repainting), beyond those matters already agreed to by Seller in this Contract, this Contract terminates on the earlier of three days
<br />following Seller's receipt of the Lender Property Requirements, or Closing, unless prior to termination: (1) the parties enter into a
<br />written agreement to satisfy the Lender Property Requirements; (2) the Lender Property Requirements have been completed; or (3)
<br />the satisfaction of the Lender Property Requirements is waived in writing by Buyer.
<br />6.4. Cost of Appraisal. Cost of the Appraisal to be obtained after the date of this Contract must be timely paid by ® Buyer
<br />❑ Seller. The cost of the Appraisal may include any and all fees paid to the appraiser, appraisal management company, lender's
<br />agent or all three.
<br />7. OWNERS' ASSOCIATIONS. [INTENTIONALLY DELETED]
<br />8. TITLE INSURANCE, RECORD TITLE AND OFF -RECORD TITLE.
<br />8.1. Evidence of Record Title.
<br />❑ 8.1.1. Seller Selects Title Insurance Company. If this box is checked, Seller will select the title insurance
<br />company to furnish the owner's title insurance policy at Seller's expense. On or before Record Title Deadline, Seller must furnish
<br />to Buyer, a current commitment for an owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price,
<br />or if this box is checked, ❑ an Abstract of Title certified to a current date. Seller will cause the title insurance policy to be issued
<br />and delivered to Buyer as soon as practicable at or after Closing.
<br />8.1.2. Buyer Selects Title Insurance Company. If this box is checked, Buyer will select the title insurance
<br />company to furnish the owner's title insurance policy at Buyer's expense. On or before Record Title Deadline, Buyer must furnish to
<br />Seller, a current commitment for owner's title insurance policy (Title Commitment), in an amount equal to the Purchase Price.
<br />If neither box in § 8.1.1. or § 8.1.2. is checked, § 8.1.1. applies.
<br />8.1.3. Owner's Extended Coverage (OEC). The Title Commitment ® Will 111 Will Not contain Owner's
<br />Extended Coverage (OEC). If the Title Commitment is to contain OEC, it will commit to delete or insure over the standard exceptions
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