does
not obtain Purchaser's Financing during the Finance Contingency Period, then
Purchaser may terminate this Contract by giving written notice to that effect to
Seller and Escrow Agent no later than 5:00 p.m. on or before the date of
expiration of the Finance Contingency Period, in which case, this Contract shall
automatically terminate and be of no further force and effect subject to and
except for the Survival Provisions, and Escrow Agent shall return the Deposit to
Purchaser.
If Purchaser fails to send written notice of termination to Seller
and Escrow Agent prior to the expiration of the Finance Contingency Period,
Purchaser's right to terminate under this Section 4.7 shall be permanently
waived, Purchaser shall be deemed to have either approved or waived Purchaser's
Financing and this Contract shall remain in full force and effect, the Deposit
shall be non-refundable, except as otherwise expressly provided for in this
Contract, and Purchaser's obligation to purchase the Property shall be
conditional only as provided in Section 8.1.
4.8.
HOUSING ASSISTANCE PROGRAM VOUCHERS
4.8.1.
HAP VOUCHER APPROVAL.
PURCHASER RECOGNIZES AND AGREES THAT THE
PROPERTY PRESENTLY IS BENEFITED BY THE HAP VOUCHER CONTRACT(S).
WITHIN 5 DAYS
AFTER THE EFFECTIVE DATE, SELLER AGREES THAT IT WILL MAKE AVAILABLE TO PURCHASER
(AS PART OF THE MATERIALS) A COPY OF THE HAP VOUCHER CONTRACT(S) WHICH IS IN
SELLER'S POSSESSION OR REASONABLE CONTROL, WHICH HAP VOUCHER CONTRACT(S) SHALL
BE DEEMED TO BE INCLUDED IN THE DEFINITION OF MATERIALS.
4.8.2.
HAP VOUCHER ASSUMPTION.
PURCHASER ACKNOWLEDGES THAT THE HAP VOUCHER
CONTRACT(S) REQUIRE(S) THE SATISFACTION BY PURCHASER OF CERTAIN REQUIREMENTS AS
SET FORTH THEREIN AND ESTABLISHED BY THE HOUSING AUTHORITY TO ALLOW FOR THE HAP
VOUCHER ASSUMPTION.
PURCHASER AGREES THAT, AT THE CLOSING, EITHER (A) PURCHASER
SHALL ASSUME ALL OBLIGATIONS UNDER THE HAP VOUCHER CONTRACTS AND ACCEPT TITLE TO
THE PROPERTY SUBJECT TO THE SAME, OR (B) THE EXISTING HAP VOUCHER CONTRACTS
SHALL BE TERMINATED, AND PURCHASER SHALL ENTER INTO REPLACEMENT HAP VOUCHER
CONTRACTS WHICH ARE ACCEPTABLE TO THE HOUSING AUTHORITY (COLLECTIVELY, THE
FOREGOING (A) AND (B) REFERRED TO HEREIN AS THE "HAP VOUCHER ASSUMPTION".
[INTENTIONALLY OMITTED.]
WITH RESPECT TO THE HAP VOUCHER ASSUMPTION, PURCHASER
FURTHER AGREES AS FOLLOWS:
.1
PURCHASER AGREES THAT, NO LATER THAN 21 DAYS AFTER
THE EFFECTIVE DATE (THE "SUBMITTAL DEADLINE"), PURCHASER, AT ITS SOLE COST AND
EXPENSE, SHALL MEET WITH THE HOUSING AUTHORITY AND, PURSUANT TO THE HAP VOUCHER
CONTRACTS AND FORM HUD-52641, SHALL SUBMIT ALL APPLICATIONS, DOCUMENTS,
INFORMATION, MATERIALS AND FEES (COLLECTIVELY, THE "HAP VOUCHER ASSUMPTION
APPLICATION") REQUIRED BY THE HOUSING AUTHORITY IN ORDER FOR THE HOUSING
AUTHORITY TO REVIEW AND APPROVE PURCHASER'S REQUEST THAT THE HOUSING AUTHORITY
APPROVE THE HAP VOUCHER ASSUMPTION (THE "HAP VOUCHER APPROVAL").
IN ADDITION TO
THE FOREGOING, PURCHASER RECOGNIZES AND AGREES THAT THE HOUSING AUTHORITY MAY
REQUIRE PURCHASER TO COMPLETE AND RETURN ADDITIONAL DOCUMENTS OR INFORMATION
(TOGETHER WITH SUCH OTHER REQUIREMENTS AS THE HOUSING AUTHORITY MAY FROM TIME TO
TIME IMPOSE, THE "HOUSING AUTHORITY REQUIREMENTS").
PURCHASER AGREES, AT
PURCHASER'S SOLE COST AND EXPENSE, TO SUBMIT THE HOUSING AUTHORITY