Assumption of Mortgage Contingency ADDENDUM TO CONTRACT FOR PURCHASE
AND SALE OF REAL ESTATE BETWEEN
________________________________________ AND _______________________________________
Regarding the property located at: _____________________________________
Purchaser has agreed to assume and pay the Seller's recorded mortgage upon which there is an unpaid principal balance of approximately $______________. The monthly payment on the mortgage is currently $_____________, which also includes the following checked items:
[ ] Taxes; [ ] Insurance; [ ] Mortgage Insurance Premium.
The interest rate on the mortgage is currently _____________ (______%) percent [___ Fixed; or ___ Adjustable _____________].
This Contract is contingent upon the Purchaser's ability to assume said mortgage
(Check one):
______ without modifications or conditions.
______ with the following modifications and/or conditions.
This contingency shall be deemed waived unless Purchaser shall notify
(____________________________________ office) in writing, as called for in Paragraph 22, no later than ________________, 20___, of Purchaser's inability to obtain said approval. If the Purchaser so notifies, then this Agreement shall be deemed cancelled, null and void, and all deposits made hereunder shall be returned to Purchaser.
___________________________________ ________________________________
Purchaser Date Seller Date
__________________________________ _______________________________
Purchaser Date Seller Date This document and accompanying materials are designed to provide authoritative information in regard to the subject matter covered in it. It is for illustration purposes only and presented with the understanding that the author and publisher are not engaged in rendering legal, accounting or other professional opinions. If legal advice or other expert assistance is required, the services of a competent professional should be sought. |
