Mortgagee Release Condition
This Contract is subject to the Seller receiving mortgagee consent for the release of the property on or before fourteen (14) days from the Contract date. In the event that the mortgagee consent is not received, or relevant extensions agreed upon, the Seller may terminate the Contract and all deposit monies paid shall be refunded to the Buyer without deduction.
Sale subject to bank release of title:
The Seller hereby discloses and the Buyer acknowledges that the sale price is insufficient to pay out the Seller’s mortgage liability with respect to this property. This Contract is subject to and conditional upon the Seller obtaining written confirmation, within 45 days from the date of the Contract, that the mortgagee will release the mortgage at settlement. The Seller agrees to proceed to do all things necessary and within his power to obtain the mortgagee’s written consent to release the mortgage on settlement. If the Seller is unable to obtain written consent within 45 days then the Seller shall be entitled to terminate this Contract by notice given in writing to the Buyer and the deposit shall be refunded to the Buyer without deduction. The Buyer will take no issue with the Seller should he be unable to obtain the release and all damages arising are limited to the repayment of any monies paid under this Contract.