No commitment will be entered into during the Exclusivity Period to proceed with any third party immediately after its expiry.
That during the Exclusivity Period the Seller will enter into a contract for sale of the Property at the Purchase Price with completion within 14 working days from the date of exchange of contracts.
The Buyer may at his own discretion make further payments to the Seller under this Exclusivity Agreement. (“the Exclusivity Payments”)
The Exclusivity Payments if made will be noted in the Schedule to this Exclusivity Agreement and signed by the Buyer and the Seller simultaneously to the Exclusivity Payments being made.
The Exclusivity Payments (if any) and the Exclusivity Sum will be collectively known as the Deposit
The Deposit will be entered as the deposit on exchange of contracts and therefore shall be deducted from the Purchase Price on completion of the sale of the Property
The Seller and his solicitor will comply with any reasonable requirement of the Buyer and his solicitor during the Exclusivity Period in relation to deducing title to the Property or any other matter that is required by any lender of the Buyer may be arranging mortgage finance with or anything that a prudent Buyer may require (“the Required Information”)
The Buyer shall immediately submit and diligently pursue an application for mortgage finance over the Property and should make every effort to ensure that an offer of advance is secured before the Exclusivity Period.
Termination of Exclusivity
(A)If the Buyer is unable to proceed to exchange of contracts within the Exclusivity Period due to the default of the Seller providing the Required Information or if the Buyer is unable to secure Mortgage Finance over the Property they will immediately inform the Seller whereon this Exclusivity Agreement will lapse and the Seller agrees to repay the Deposit to the Buyer
(B)If the Buyer does not proceed to exchange of contracts within the Exclusivity Period for any reason save as stated in clause