Loan Commitment

Loan commitment.

Effective: Enter the effective date for the commitment Expires: Enter the expiration date of the commitment

Amount: $ Enter in numbers the amount of commitment

Enter the name of the lender, described herein as LENDER, agrees that it will lend the sum of $Enter in numbers the amount of commitment to Enter the name of the borrower, described herein as BORROWER, subject to the following terms and conditions:

1. Delivery of marketable title and title insurance. Enter the name of the borrower prior to closing shall deliver a mortgagee title insurance binder from a licensed title insurer, acceptable to LENDER, which will provide for the issuance at closing of a policy providing that the title is marketable, and free of all liens or charges other than current taxes and:

Enter other acceptable liens or "none"

Borrower shall provide a current survey by a licensed surveyor showing no encroachments or defects.

A current building inspection report from a building inspector acceptable to LENDER showing no major structural defects. For purposes of this section, major shall be defined as requiring repair and being more than 3% of the purchase price.

This condition may be waived upon escrowing of sufficient funds at closing to be used to correct the described defects, which sums shall then be expended to complete the needed corrections.

That the zoning or other land development restrictions imposed by lawful authority shall permit use of the parcel as Enter the zoning uses required.

Credit life insurance sufficient to make monthly payments during a period of disability.

If an amount is specified, credit life insurance is available from LENDER: Enter the premium or 0 if not sold. If no amount is specified credit disability insurance is not available from LENDER. In any event, credit life insurance if available from LENDER is not required to be purchased by BORROWER as condition of obtaining this extension of credit: you may either purchase through an insurance agency of your choice, or assign an existing policy.

Credit disability insurance sufficient to make monthly payments during a period of disability.

If an amount is specified, credit disability insurance is available from LENDER: Enter the premium or 0 if not sold. If no amount is specified credit disability insurance is not available from LENDER. In any event, credit disability insurance if available from LENDER is not required to be purchased by BORROWER as condition of obtaining this extension of credit: you may either purchase through an insurance agency of your choice, or assign an existing policy.

At the time of funding this commitment, the BORROWERS shall have experienced no material adverse change in employment.

That the following individuals execute a guarantee of prompt repayment of the loan in the form customarily used in this area for the same:

Enter the name of the guarantor

The furnishing by the borrower of an appraisal from an appraiser acceptable to lender showing a loan to value ratio of at least Enter required loan to value ratio%.

The commitment shall be subject to the following additional conditions:

Enter other conditions or refer to extra sheets..

The commitment is further subject to the following additional terms:

Interest Rate (APR): Enter the interest rate

Loan Term: Enter term of the loan in months months

Points to be paid at closing by BORROWER: Enter number of points to be paid (or 0)

If an amount is included below, PMI (Private Mortgage Insurance) is also required:

Enter PMI premium or 0 if PMI is not required

If an date is stated below, the loan will balloon at that time:

Enter nature and amount of other costs or 0, and the principal balance at that time will equal $ Enter the balance when note balloons or 0.

Other fees due at closing:

Enter nature and amount of other costs or 0.

Dated: _____________________________________

________________________________________________________

LENDER, Enter the name of the lender

by an authorized officer

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