NO. 03137 PHILADELPHIA 1982, Appeal from the Order of October 22, 1982, in the Court of Common Pleas of Delaware County, Civil Division, at No. 79-19975. NO. 01412 PHILADELPHA 1983, Appeal from the Order entered on May 16, 1983, in the Court of Common Pleas of Delaware County, Civil Division, at No. 80-959.
Gordon W. Gerber, Philadelphia, for appellants.
Andrew J. Damico, Media, for Ormond, appellee.
McEwen, Beck and Cercone, JJ.
[ 341 Pa. Super. Page 103]
On August 15, 1979, appellants John and Anna Ninnis entered into a written agreement of sale with appellee Angelina DeBlasiis for the purchase of appellee's real estate. Appellee seller was represented in the agreement by her agent, appellee Ormond Realty. The agreement, prepared by appellee agent, contained a mortgage contingency clause which required that appellants secure a mortgage commitment by October 20, 1979. The clause provided as follows:
"4. MORTGAGE CONTINGENCY (1-79) this sale and settlement hereunder are NOT conditional or contingent in any manner upon the sale or settlement of any other real estate NOR subject to any mortgaging or financing except as hereinafter provided.
(a) Term and amount of mortgage loan required by Buyer: thirty years, $40,000.00.
(b) Type mortgage and interest rate required by Buyer: Type conventional. Interest Rate 10 1/2% however, buyer agrees to accept the interest rate as may be committed by the mortgage lender (not to exceed the maximum permissible interest rate).
(c) Commitment date for approval of the mortgage: October 20th, 1979.
(d) Mortgage loan application shall be made through the office of Ormond Realty 3801 State Road., who for the purpose of negotiating for the said mortgage loan, shall be considered the agent for the Buyer, and if said mortgage loan cannot be obtained, this agreement shall be NULL AND VOID and all deposit moneys shall be returned to the Buyer on or before date for settlement as provided herein, subject however to the provisions in paragraphs # 4(e) and # 4(f).
(e) Buyer shall make a completed application to a responsible mortgage lending institution for the aforementioned mortgage loan, through the office of the agent named in paragraph # 4(d), within ten (10) days from the ...