|
http s: //www. ctrnecontracts.c om/eContractslm_eCON/Contracts/Li sti n..
<br />238 4.3. Earnest Money. The Earnest Money set forth in this section, in the form of a City of
<br />239 Louisville check, will be payable to and held byRe/max Alliance(Earnest MoneyHolder), p Y in its trust
<br />241 account, on behalf of both Seller and Buyer. The Earnest Money deposit must be tendered, by Buyer, with this
<br />242 Contract unless the parties mutually agree to an Alternative Earnest Money Deadline for its payment. The
<br />243
<br />244 parties authorize delivery of the Earnest Money deposit to the company conducting the Closing (Closing
<br />245 Company), if any, at or before Closing. In the event Earnest Money Holder has agreed to have interest on
<br />246 Earnest Money deposits transferred to a fund established for the purpose of providing affordable housing to
<br />248 Colorado residents, Seller and Buyer acknowledge and agree that any interest accruing on the Earnest Money
<br />249 deposited with the Earnest Money Holder in this transaction will be transferred to such fund.
<br />250 4.3.1. Alternative Earnest Money Deadline. The deadline for delivering the Earnest
<br />251
<br />252 Money, if other than at the time of tender of this Contract, is as set forth as the Alternative Earnest Money
<br />253 Deadline.
<br />255 4.3.2. Return of Earnest Money. If Buyer has a Right to Terminate and timely terminates,
<br />256 Buyer is entitled to the return of Earnest Money as provided in this Contract. If this Contract is terminated as set
<br />257 forth in § 25 and, except as provided in § 24, if the Earnest Money has not already been returned following
<br />259 receipt of a Notice to Terminate, Seller agrees to execute and return to Buyer or Broker working with Buyer,
<br />260 written mutual instructions (e.g., Earnest Money Release form), within three days of Seller's receipt of such form.
<br />261 4.4. Form of Funds; Time of Payment; Available Funds.
<br />263 4.4.1. Good Funds. All amounts payable bytheparties at Closing, includinganyloan
<br />263 p Y 9�
<br />264 proceeds, Cash at Closing and closing costs, must be in funds that comply with all applicable Colorado laws,
<br />265 including electronic transfer funds, certified check, savings and loan teller's check and cashier's check (Good
<br />267 Funds).
<br />268 4.4.2. Time of Payment; Available Funds. All funds, including the Purchase Price to be
<br />269 paid by Buyer, must be paid before or at Closing or as otherwise agreed in writing between the parties to allow
<br />270
<br />271 disbursement by Closing Company at Closing OR SUCH NONPAYING PARTY WILL BE IN DEFAULT. Buyer
<br />272 represents that Buyer, as of the date of this Contract, ❑ Does ElDoes Not have funds that are immediately
<br />273
<br />274 verifiable and available in an amount not less than the amount stated as Cash at Closing in § 4.1.
<br />275 4.5. New Loan. (Omitted as inapplicable)
<br />276
<br />277
<br />278 4.6. Assumption. (Omitted as inapplicable)
<br />279
<br />281 4.7. Seller or Private Financing. (Omitted as inapplicable)
<br />282
<br />283
<br />284
<br />285
<br />286
<br />287 5. FINANCING CONDITIONS AND OBLIGATIONS. (Omitted as inapplicable)
<br />288
<br />289
<br />290 5.3. Credit Information. If an existing loan is not to be released at Closing, this Contract is conditional
<br />292 (for the sole benefit of Seller) upon Seller's approval of Buyer's financial ability and creditworthiness, which
<br />293 approval will be at Seller's sole subjective discretion. Accordingly: (1) Buyer must supply to Seller by Buyer's
<br />295 Credit Information Deadline, at Buyer's expense, information and documents (including a current credit report)
<br />296 concerning Buyer's financial, employment and credit condition; (2) Buyer consents that Seller may verify Buyer's
<br />297 financial ability and creditworthiness; and (3) any such information and documents received by Seller must be
<br />298 held by Seller in confidence, and not released to others except to protect Seller's interest in this transaction. If
<br />299
<br />300 the Cash at Closing is less than as set forth in § 4.1 of this Contract, Seller has the Right to Terminate under §
<br />301 25.1, on or before Closing. If Seller disapproves of Buyer's financial ability or creditworthiness, in Seller's sole
<br />302 subjective discretion, Seller has the Right to Terminate under § 25.1, on or before Disapproval of Buyer's
<br />303
<br />304 ' Credit Information Deadline.
<br />305 5.4. Existing Loan Review. If an existing loan is not to be released at Closing, Seller must deliver
<br />306
<br />sol copies of the loan documents (including note, deed of trust, and any modifications) to Buyer by Existing Loan
<br />308 Documents Deadline. For the sole benefit of Buyer, this Contract is conditional upon Buyer's review and
<br />309 approval of the provisions of such loan documents. Buyer has the Right to Terminate under § 25.1, on or before
<br />31
<br />3110
<br />Existing Loan Documents Objection Deadline, based on any unsatisfactory provision of such loan documents,
<br />312 in Buyer's sole subjective discretion. If the lender's approval of a transfer of the Property is required, this
<br />313 Contract is conditional upon Buyer's obtaining such approval without change in the terms of such loan, except as
<br />315 set forth in § 4.6. If lender's approval is not obtained by Loan Transfer Approval Deadline, this Contract will
<br />316
<br />TRANSACTION PROVISIONS
<br />4 of 19 6/10/2016 2:16 PM
<br />
|