Loan Commitment

contribute COMMITMENTS

Reid C. Wilson Wilson, Cribbs & Goren, P.C. Houston, Texas

37th Annual William W. Gibson, Jr. Mortgage lending Institute September 2003

LOAN COMMITMENTS

TABLE OF CONTENTS
I. INTRODUCTION A. oscilloscope of Article. B. contribute Commitment Reference Materials. C. Function of Loan Commitments. TYPES OF LOAN COMMITMENTS A. Non-binding Loan Commitment. B. Contingent Loan Commitment. 1. Inclusion of Contingent Language. 2. Borrower Misunderstandings. 3. proxy Cases. 4. Risks of Contingent Loan Commitment. 5. Standards for Lender Approval. C. Firm Loan Commitments. 1. do of Detail. 2. Specificity of Conditions Precedent. 3. Contingent vs. Firm Loan Commitments. D. Unilateral/Bilateral Loan Commitments. E. Forms. CONTRACT LAW ISSUES A. Oral Loan Commitments. 1. Statute of Frauds. 2. mathematical process Within One Year. 3. Promissory Estoppel. 4. Independent Tort Causes of operation Not Affected. 5. Standards of Certainty Requirement. B. Consideration. 1. Commitment Fees. 2. No Commitment Fee. C. Unenforceability for Vagueness. D. direct Construction. E. Anticipatory Repudiation. F. Waiver. G. avocation to Perform/ heedless Breach. H. Privity/Third-Party Beneficiaries. NON-CONTRACT LAW ISSUES A. delusory Trade Practices Act. B. Statutory Real Estate Fraud. C. Negligent Misrepresentation. D. Negligent Breach. E. Fraud. 1.



Fraudulent Misrepresentation. 2. Duty to Disclose Material Information. F. Good doctrine and Fair Dealing. G. Duress. H. Promissory Estoppel. DAMAGES A. Causation. 1 1 1 1 1 1 3 3 3 4 5 5 7 7 8 8 8 9 9 9 9 10 10 10 11 11 11 12 13 14 16 17 18 18 19 19 20 20 22 22 22 24 24 26 27 28 28

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B. Actual Damages. C. Punitive Damages. D. Specific implementation. E. Borrowers Duty to Mitigate. VI. DRAFTING SUGGESTIONS FOR LENDERS A. Non-binding Loan Commitments. B. Arbitration. C. Jury Waiver. D. DTPA Waiver. E. Contingent on Underwriting. F. Performance by Borrower. G. Conditions Precedent. H. Commitment Fee. I. Lender...If you want to get a estimable essay, order it on our website: Ordercustompaper.com



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