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M.S.B.A. Real Property Form No. 2 (2008, 2017) <br />Financing Addendum for Conventional or Privately Insured Mortgage FINANCING ADDENDUM / Page 2 of 3 <br />B. CONVENTIONAL OR INSURED CONVENTIONAL MORTGAGE TERMS.57 <br />Buyer will apply for and attempt to secure, at Buyer's expense, a [strike out one] CONVENTIONAL / INSURED CONVENTIONAL58 <br />Mortgage ("Mortgage") in at least the amount stated in the Purchase Agreement, amortized monthly over a period of not more than59 <br />________ years with a fixed interest rate not to exceed _________ % per annum or an adjustable rate with an initial interest rate60 <br />of no more than __________% per annum ("Rate"), and a maximum interest rate of no more than ___________ % per annum and61 <br />with other terms not less favorable to Buyer than those set forth in this Addendum.62 <br />63 <br />C. MORTGAGE APPLICATION.64 <br />The Mortgage application is to be made within five (5) business days after the acceptance of the Purchase Agreement. Buyer shall65 <br />use best efforts to secure the financing and shall execute all documents required to secure the financing.66 <br />67 <br />D. PRIVATE MORTGAGE INSURANCE PREMIUMS (IF INSURED CONVENTIONAL MORTGAGE).68 <br />Buyer shall pay ________% and Seller shall pay ________% of the first year's conventional mortgage insurance premium ("MIP")69 <br />required by the lender. Buyer shall pay all subsequent years' MIP as required by the lender.70 <br />71 <br />E. DISCOUNT POINTS.72 <br />Mortgage discount points ("Points") shall not exceed _________% of the Mortgage amount. Such Points shall be paid as follows:73 <br />74 <br />Buyer shall pay __________ Point(s).75 <br />Seller shall pay __________ Point(s).76 <br />77 <br />If the Points charged by the lender are less than the amount agreed to above, then [initial option 1, 2 or 3]:78 <br />79 <br />1. ________ Buyer/________ Seller The Points shall be charged first to Seller and the balance to Buyer. If the Points to80 <br />be paid by Seller are less than the amount agreed to above, then [initial option a. or81 <br />b.]:82 <br />83 <br />a. ___________ Buyer/__________ Seller84 <br />Seller shall pay only the Points charged by lender, or85 <br />86 <br />b. ___________ Buyer/__________ Seller87 <br />Seller shall pay the full amount agreed to above and the balance shall be applied to Buyer's closing costs as directed by88 <br />Buyer.89 <br />90 <br />2. _________ Buyer/_______ Seller91 <br />The points shall be charged first to Buyer and the balance to Seller.92 <br />93 <br />3. _________ Buyer/_______ Seller94 <br />The Points shall be paid proportionately by both Seller and Buyer as agreed above.95 <br />96 <br />F. LOCKING/FLOATING OF RATE AND POINTS.97 <br />The Rate and Points shall be [strike out one] LOCKED / FLOATED on the date of mortgage application. If the Rate and Points98 <br />are floated, it shall be the sole discretion of [strike out one] SELLER / BUYER to lock in the Rate and Points. If Seller has sole99 <br />discretion to lock in the Rate and Points, Buyer shall sign lender’s lock-in documents promptly upon notification from Seller.100 <br />101 <br />G. LENDER WORK ORDERS.102 <br />Nothing in the Purchase Agreement shall be construed to obligate Seller to make any repairs required by the lender. However,103 <br />Seller shall pay up to ___________________________ to make repairs required by the lender. If the lender requires repairs104 <br />exceeding this amount, then, unless either Seller or Buyer agrees in writing, within seven (7) days after the date lender’s work order105 <br />is delivered to Seller, to pay the cost of such excess repairs, this Purchase Agreement is canceled and the earnest money shall106 <br />be refunded to Buyer.107 <br />SELLER: <br />Date <br />Date <br />BUYER: <br />Date <br />Date <br />*****