Commercial Contract Financing AddendumStep 1 of 250%Commercial Contract - Financing AddendumREQUEST FROM (Your details)Name* First Last Email* License NumberDUE BY:Date* MM slash DD slash YYYY Time* : Hours Minutes AMPM AM/PMCommercial Contract Financing AddendumAddendum to commercial contract between the parties concerning the property at:* Street Address City AlabamaAlaskaAmerican SamoaArizonaArkansasCaliforniaColoradoConnecticutDelawareDistrict of ColumbiaFloridaGeorgiaGuamHawaiiIdahoIllinoisIndianaIowaKansasKentuckyLouisianaMaineMarylandMassachusettsMichiganMinnesotaMississippiMissouriMontanaNebraskaNevadaNew HampshireNew JerseyNew MexicoNew YorkNorth CarolinaNorth DakotaNorthern Mariana IslandsOhioOklahomaOregonPennsylvaniaPuerto RicoRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahU.S. Virgin IslandsVermontVirginiaWashingtonWest VirginiaWisconsinWyomingArmed Forces AmericasArmed Forces EuropeArmed Forces Pacific State ZIP Code The portion of the Sales Price not payable in cash will be paid as follows: (Check all that apply.) A. Third Party Financing B. Assumption C. Seller Financing D. Credit Approval On Assumption Or Seller Financing E. Special ProvisionsA. Third Party Financing:The contract is contingent upon Buyer obtaining a third party loan(s) secured by the Property in the amount of:*For not less than the following amount of years:*With the initial interest rate not to exceed (insert percentage below) per annum:*And payments calculated on an amortization period of no less than the following amount of years:*Buyer will apply for the third party loan(s) described in Paragraph A(1) promptly after the effective date. If Buyer cannot obtain the loan(s), Buyer may give Seller written notice within (insert number below) of days after the effective date:*B. Assumption:(1) Buyer will assume the unpaid principal balance of the existing promissory note secured by the Property payable to:*Dated:* MM slash DD slash YYYY Which balance at closing will be:*(2) Buyer's initial payment will be the first payment due after closing. Buyer's assumption of the existing note includes all obligations imposed by the deed of trust securing the note, recorded in:*(recording reference) in the real property records of the county where the Property is located.(3) If the unpaid principal balance of the assumed loan as of the date of closing varies from the loan balance stated Paragraph B(1) , the cash balance at closing will be adjusted by the net amount of any variance; provided, if the total principal balance of the assumed loan varies in an amount greater than:*(4) Buyer may terminate the contract and the earnest money, less any independent consideration under Paragraph 7B(1) of the contract, will be refunded to Buyer if the note holder on assumption requires: (a) Buyer to pay an assumption fee in excess of (insert dollar amount below) and Seller declines to pay such excess; (b) An increase in the interest rate to more than (insert percentage below); or (c) Any other modification of the loan documents.(4) a. Dollar amount:*(4) b. Interest rate percentage:*(6) If assumption approval is required by the note holder, Buyer will apply for assumption approval with (insert amount below) days after the effective date of the contract:*If Buyer cannot obtain assumption approval, Buyer may give Seller written notice within (insert number of days below) days after the effective date :*C. Seller Financing:(1) At closing, Buyer will execute and deliver a promissory note (the note) from Buyer to Seller in the amount of:*Bearing (insert percentage below) interest per annum.*(2) The note will be payable as follows:* (a) In one payment (b) In Installments (c) Interest only in(a) In one payment, due (insert below) after the date of the note,*With interest payable:* (i) Monthly (b) In installments of:** including interest plus interestBeginning (insert below) after the date of the noteAnd continuing at (select one) intervals* Monthly thereafter for (insert below) when the entire balance of the note will be due and payable.*(c) Interest only in one the following installments:* Monthly For the first (insert number of years below):*And thereafter in installments of:** Including interest Plus interestBeginning (insert information below) after the date of the note*And continuing at (select one) intervals* Monthly Thereafter for (insert information below) when the entire balance of the note will be due and payable.*(5) The note will/will not provide for liability (personal or corporate) against the maker in the event of default.* Will Will not(9) Deposits for Taxes and Insurance: Together with the principal and interest installments, Buyer will/will not deposit with Seller a pro rata part of the estimated annual ad valorem taxes on the Property and a pro rata part of the estimated annual insurance premiums for the improvements on the Property.* Will Will notD. Credit Approval On Assumption Or Seller Financing:(1) To establish Buyer's creditworthiness for assumption approval for seller financing, Buyer will deliver to Seller the following information (Buyer's documentation): (a) verification of employment, including salary; (b) verification of funds on deposit in financial institutions; (c) current financial statement; (d) credit report; (e) tax returns for the following years: (f) othere. Tax returns for the following years:*f. Other*within (insert number below) days after the effective date of the contract:*(2) If Buyer does no timely deliver Buyer's documentation or Seller determines, in Seller's sole discretion, that Buyer's creditworthiness is not acceptable, Seller may terminate the contract be giving written notice to Buyer not later than (insert number below) days after the date the Buyer must deliver Buyer's documentation under Paragraph D(1) and the earnest money, less any independent consideration under Paragraph 7B(1) of the contract, will be refunded to Buyer.*E. Special Provisions:Special Provisions:
