Murray v. Armour

The parties entered into a contract for the sale of the subject premises on March 21, 1986. The contract provided that it was expressly conditioned upon the purchaser obtaining a mortgage in the sum of 80% of the purchase price. The contract further provided as follows:

"(c) Purchaser shall have 45 days from date Purchaser receives copy of this contract duly signed by Seller, to secure the above mortgage loan commitment, with an extension of seven (7) days, if necessary;

"(d) In the event Purchaser cannot secure said commitment within the time herein specified, either party hereto shall have…