Pursuant to Paragraph 2B of the Third Party Financing Addendum, to terminate the contract based on failure to obtain property approval the buyer must, not later than three days before the closing date, give the seller a written notice of termination and a copy of a written statement from the lender setting forth the reason for the lender’s determination. If a buyer terminates the contract in accordance with Paragraph 2B, the earnest money will be refunded to the buyer. If the buyer does not terminate the contract in accordance with Paragraph 2B, property approval is deemed to have been obtained. It is important to note that a low appraisal does not give a buyer a right to terminate the contract pursuant to Paragraph 2B of the Third Party Financing Addendum if the property meets the lender’s underwriting requirements notwithstanding a low appraisal. Further, if the lender reduces the amount of the loan because of the low appraisal, the buyer will be required to bring additional cash to the close to make up any difference between the loan and the sales price.