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1. This Purchase Guard
Certificateä
is not valid or binding upon Bright Mortgage Corporation (“BMC”) unless it
has an imprint of the corporate seal of BMC on the reverse side, has
original signatures of an authorized representative of BMC in both
designated places on the reverse side, and has original signatures on the
reverse side and is initialed below by the individual(s) named on the
reverse side as the buyer(s) (collectively or individually referred to in
these Terms and Conditions as the “Buyer”) and by the individual(s) named on
the reverse side as the seller(s) (collectively or individually referred to
in these Terms and Conditions as the “Seller”) to whom this Purchase Guard
Certificateä
is issued and an existing completed home (“Home”) has been specified in the
designated place on the reverse side. This Purchase Guard Certificateä
on the reverse side of these Terms and Conditions, these Terms and
Conditions, and the loan approval letter (“Letter”) to the Buyer pursuant to
which the Purchase Guard Certificateä
is delivered to Buyer constitute the entire and final understanding and
agreement of BMC and Buyer with respect to the Loan (as defined in the
Letter). The understanding and agreement set forth in the Purchase Guard
Certificateä,
including without limitation these Standard Terms and Conditions, and the
Letter cannot be changed, altered, or amended except by written agreement
signed by BMC and Buyer. This Purchase Guard Certificateä
will be governed by the laws of the State of Texas and is performable in the
State of Texas. BUYER, PLEASE DO NOT SIGN THE REVERSE SIDE OF THESE TERMS
AND CONDITIONS OR INITIAL THESE TERMS AND CONDITIONS OR SIGN THE LETTER IF
(I) THE LOAN (AS DESCRIBED ON SCHEDULE 2 OF THE LETTER) IS NOT THE LOAN
PRODUCT AGREED UPON AT YOUR LOAN APPLICATION, (II) THE LOAN IS NOT
ACCEPTABLE TO YOU FOR ANY REASON, OR (III) THE CONDITIONS AND LIMITATIONS
SET FORTH IN THE LETTER AND IN THESE TERMS AND CONDITIONS, OR EITHER OF
THEM, ARE NOT ACCEPTABLE TO YOU FOR ANY REASON. SELLER, PLEASE DO NOT SIGN
THE REVERSE SIDE OF THESE TERMS AND CONDITIONS OR INITIAL THESE TERMS AND
CONDITIONS IF THE CONDITIONS AND LIMITATIONS SET FORTH IN THESE TERMS AND
CONDITIONS ARE NOT ACCEPTABLE TO YOU FOR ANY REASON.
2. By signing this
Purchase Guard Certificateä
and the Letter, Buyer and Seller agree to all
of the terms and conditions set forth in the Letter and in these Terms and
Conditions, or either of them, and Buyer and Seller acknowledge that Buyer
and Seller understand and agree that (a) BMC’s approval of the Loan is
subject to the conditions and limitations set forth in these Standard Terms
and Conditions and in the Letter, or either of them, (b) the purpose of the
Loan is to provide funds to Buyer for a portion of the purchase price of an
existing, completed home (“Home”) to be occupied by Buyer as Buyer’s primary
residence, and (c) BMC’s approval of the Loan is not, and cannot be relied
upon by Buyer as, (i) an approval or recommendation of any specific Home or
the condition of any Home, (ii) an approval or recommendation of any term
or provision in any contract for the purchase of any Home, (iii) an approval
of or recommendation that Buyer purchase a specific Home or that Buyer
should purchase a Home at this or any other time, or (iv) an approval or
recommendation of the location of any Home or any market condition or
conditions affecting or any Home, or the value of any Home or (v) an
approval, recommendation, representation or warranty.
3. Buyer will execute
and deliver to BMC, at the closing, if any, of the Loan, a note, deed of
trust and other instruments, certificates and documents required by BMC from
time to time to document loans such as the Loan. Buyer will comply with all
of BMC’s requirements for closing the Loan and granting to BMC a first lien
and/or second lien on the Home.
4. This Purchase Guard
Certificateä
is being provided by BMC solely to Buyer and as directed by buyer, to
Seller, Seller’s agent and Buyer’s agent.
Except as specifically set
forth in paragraph 9 below, any other distribution or disclosure of this
Purchase Guard Certificateä
or any information contained herein will be the sole responsibility of and
the sole discretion of Buyer. Buyer rights under this Purchase Guard
Certificateä
are not assignable by Buyer and Buyer shall not assign, in whole or in part,
this Purchase Guard Certificateä
or any of Buyer’s rights under this Purchase Guard Certificateä.
Except as specifically set forth in paragraph 5 below, this Purchase Guard
Certificateä
and the Letter are intended solely for the benefit of Buyer and Seller no
third party, including but not limited to any seller under or any other
party to any contract for the purchase of a Home by Buyer, may rely on this
Purchase Guard Certificateä
or the Letter, and no third party will be a beneficiary of this Purchase
Guard Certificateä
or the Letter.
5. Buyer may designate a
Seller under a contract to purchase a Home to receive payment of $1,500.00
(“PGC Payment”) from BMC if BMC fails to fund the Loan other than for a
reason set forth in paragraph 7 below; provided that the Seller delivers to
BMC (i) the original of this Purchase Guard Certificateä
(there can be only one original of this Purchase Guard Certificateä)
which has on the reverse side of these Terms and Conditions the imprint of
BMC’s corporate seal in the upper left corner, has the original signatures
of Buyer and Seller in the places designated on the reverse side, and the
signatures of an authorized representative of BMC in both places designated
on the reverse side and (ii) an affidavit of Seller in form and substance
satisfactory to BMC stating that none of the matters described in paragraph
7 (i) through (iii) and stating that to the best of Seller’s knowledge, none
of the matters described in paragraph 7 (iv) through (viii) has occurred.
6. In no event will BMC be
liable for any SPECIAL, CONSEQUENTIAL, INCIDENTAL, DIRECT, OR INDIRECT,
DAMAGES in connection with this Purchase Guard Certificate. BMC’s total
liability to the Buyer under this Purchase Guard Certificateä
and the Letter from any cause or claim whatsoever is limited to the amount
paid by Buyer to BMC to apply for the Loan. BMC’s total liability to the
Seller under this Purchase Guard Certificateä
and the Letter from any cause or claim whatsoever is limited to $1,500.00.
7. BMC will not be
obligated to close the Loan or make any payment pursuant to paragraph 5
above if (i) Buyer or the seller fails to perform under any contract to
purchase a Home, (ii) Buyer or seller terminates a contract to purchase a
Home, (iii) a contract to purchase a Home is terminated by Buyer or the
seller due to a dispute between Buyer and the seller or for any other
reason, (iv) the survey or any title matter for or concerning a Home is not
acceptable to Buyer or BMC, (v) an inspection of a Home is not acceptable to
Buyer or BMC, (vi) the condition of a Home is not acceptable to Buyer or BMC,
(vii) any matter on any seller’s disclosure form or other matter concerning
a Home is not acceptable to Buyer or BMC, or (viii) an appraisal of a Home
is not acceptable to Buyer or BMC. BMC will not be obligated to close the
Loan or make any payment pursuant to paragraph 5 above if Buyer makes or has
made any misrepresentation in connection with the Loan or Buyer’s
application for the Loan or otherwise in the Loan approval process,
including but not limited to a misrepresentation that all of Buyer’s
Information (as defined in the Letter) is correct, complete, accurate and
true. BMC will not be obligated to close the Loan or make any payment
pursuant to paragraph 5 above if Buyer fails to comply with any of the terms
and conditions set forth in this Purchase Guard Certificateä,
the Letter or any other requirement of BMC relating to the Loan. BMC will
not be obligated to close the Loan or make any payment pursuant to paragraph
5 simply because the closing becomes delayed beyond the closing date
specified in the contract for the purchase of the Home.
8.
The purpose of the Loan is to provide funds to
Buyer for a portion of the purchase price of a Home. This Purchase Guard
Certificateä
is valid for a period that ends on the first to occur of (i) the expiration
date of the interest rate for the Loan, (ii) the expiration date of any of
the documents or other information provided to BMC by the Buyer or the
Buyer’s employer or other third party, including but not limited to bank
statements, wage income statements, employment verification documents,
investment account statements, property appraisal, survey, title commitment,
tax certificates, and home insurance documents, (iii) the 30th
day after the closing date specified in the contract for the purchase of the
Home, and (iv) the 60th day after the issue date set forth on the
reverse side of this Purchase Guard Certificateä.
9.
By signing this Purchase Guard Certificateä
and the Letter, Buyer authorizes and directs BMC to fully disclose to the
Seller, Seller’s agent, and Buyer’s agent, any and all of the Buyer’s
personal and financial information that BMC determines to have any potential
relevance to Buyer’s qualifications for obtaining loan approval or ability
to close on the purchase of the Home or any potential home, including but
not limited to, employer, employment history, credit history, credit scores,
available assets, conditions of the loan approval, written copy of Buyer’s
loan approval, copy of this Purchase Guard Certificateä
and the Letter, apparent status of Buyer’s current property whether
required to be sold for source of down payment funds or not, and other
income, credit and asset related issues.
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