Paragraph 5(a) provides for an extension of the closing date not to exceed 10 calendar days if the CFPB closing disclosure delivery requirements have not been met. This is not an automatic extension and is strictly limited to closing disclosure delivery requirement and NOT because underwriting requirements could not be timely fulfilled.

Under Paragraph 8, the Buyer is required to provide the Seller written notice of loan commitment or loan approval.

Paragraph 8b(ii) provides that either party may cancel the contract 7 days before the stated Closing Date. If neither party cancels within the 7-day deadline, then the financing contingency shall be deemed WAIVED by the Buyer.

If the contract does not thereafter close (even if the Closing is extended by Paragraph 5(a)) the deposit shall be paid to the Seller unless failure to close is due to: (1) Seller’s default (2) Property related conditions of the loan commitment (3) appraisal of property is insufficient under the terms of the load commitment or (4) the load is not funded due to financial failure of lender.