Tweet
18. No Assignment of Commitment: This commitment may not be assigned or transferred by you to anyone.
19. Costs, Fees and Expenses due at Closing: You will be required to pay, at or prior to the closing, all closing costs, fees and expenses in connection with the loan. These may include, for example, the fees already referred to in this Commitment, filing fees, recording fees, lien search fees, attorney's fees, closing fees, and mortgage brokerage fees.
20. General Provisions: Whenever in this Commitment the word "you' is used, it includes all applicants to whom this Commitment is addressed. This Commitment may not be changed except if the change is in writing and signed by you and the Lender. This commitment shall be governed by the laws of the State of NY.
21. Standard Conditions:
Conditions to be Met at Closing:
Conditions to be Met Prior to Funding:
1. Verify VOE dated within 10 business days prior to the note date
23. Indemnification Agreement: By accepting this Commitment, you agree to reimburse us for (a) the payment of any claims or brokerage commissions made by any person, corporation, or partnership arising from this transaction and (b) any expenses incurred by us in the defense of such claims.
24. Prepayment: If you pay off early, you may have to pay a penalty.
25. Commitment Acceptance: To signify their acceptance of the terms and conditions of this Commitment, the Borrower and all Co-Borrowers must sign this Commitment and return it Lo the Lender within the later of ten {10) business days after the date of this Commitment or the date we mailed you this Commitment.
IF YOU SIGN THIS COMMITMENT AND YOU DO NOT CLOSE THIS LOAN IN ACCORDANCE WITH THE DESCRIBED TERMS, YOU MAY LOSE SOME OR ALL OF THE FEES OR CHARGES YOU HAVE PAID.
The enclosed duplicate original of this Commitment should be signed by you and returned to us. You may retain a copy for your file.
Regards,
By: ___________________________________
Accepted this ___ day of ________________, 20__
19. Costs, Fees and Expenses due at Closing: You will be required to pay, at or prior to the closing, all closing costs, fees and expenses in connection with the loan. These may include, for example, the fees already referred to in this Commitment, filing fees, recording fees, lien search fees, attorney's fees, closing fees, and mortgage brokerage fees.
20. General Provisions: Whenever in this Commitment the word "you' is used, it includes all applicants to whom this Commitment is addressed. This Commitment may not be changed except if the change is in writing and signed by you and the Lender. This commitment shall be governed by the laws of the State of NY.
21. Standard Conditions:
- Receipt and review of signed and sealed Recognition Agreement executed by the cooperative corporation.
- Proof of Filing of UCC-1 Financing Statement covering the stock certificate and proprietary
- The stock certificate and proprietary lease for the cooperative apartment must be reviewed by and be acceptable to Lender's Counsel. The term of the proprietary lease must not expire within the term of the Loan.
- Satisfactory iien search and continuation of lien search.
- Satisfactory evidence the subject property is not located in a flood zone as defined by HUD, or a satisfactory flood insurance policy,
- Borrower to provide copy of earnest money deposit and evidence funds cleared account
- Verbal verification of employment for borrower
- Borrower to sign commitment letter
- Insurance certificate for subject unit naming National Cooperative Bank, N.A. ISAOA as mortgagor or cert holder and includes the borrower's name and loan number
- Satisfactory full original appraisal report evidencing value of $225,000
- Satisfactory Project approval
- Signed/Confirmed Rate Lock and copy of re-disclosed Loan Estimate
Conditions to be Met at Closing:
- Name affidavit to be completed for all borrower
- Borrower to sign and date IRS Form 4506T and W-9
- File first lien against subject unit
Conditions to be Met Prior to Funding:
1. Verify VOE dated within 10 business days prior to the note date
23. Indemnification Agreement: By accepting this Commitment, you agree to reimburse us for (a) the payment of any claims or brokerage commissions made by any person, corporation, or partnership arising from this transaction and (b) any expenses incurred by us in the defense of such claims.
24. Prepayment: If you pay off early, you may have to pay a penalty.
25. Commitment Acceptance: To signify their acceptance of the terms and conditions of this Commitment, the Borrower and all Co-Borrowers must sign this Commitment and return it Lo the Lender within the later of ten {10) business days after the date of this Commitment or the date we mailed you this Commitment.
IF YOU SIGN THIS COMMITMENT AND YOU DO NOT CLOSE THIS LOAN IN ACCORDANCE WITH THE DESCRIBED TERMS, YOU MAY LOSE SOME OR ALL OF THE FEES OR CHARGES YOU HAVE PAID.
The enclosed duplicate original of this Commitment should be signed by you and returned to us. You may retain a copy for your file.
Regards,
By: ___________________________________
Accepted this ___ day of ________________, 20__