The Buyer must provide the Seller with written notice of Loan Commitment as soon as Buyer receive it. However, if Buyer does not receive the Loan Commitment at the time of the Loan Commitment Date specified in the Contract, then either party may cancel the Contract up until the day of the occurrence of either one of two events. The first is the Buyer’s delivery of written notice to Seller that they received the Loan Commitment or decided to waive the financing contingency of the Contract. The second is when the 7 day period before the closing date has been reached. If the Contract is timely canceled and Buyer is not in default according to the terms of the Contract, Buyer will be refunded the deposit and both Buyer and Seller will be released from all further obligations. All financing contingencies will also be deemed waived.