Loan Contingency Removal Question

I am in the escrow of buying a condo as a first time buyer. The seller asked me to provide Lender's written Loan Approval and remove the loan contingency (actually all the contingencies) within 17 days after acceptance of the purchase contract and close in 30 days: 1. How guaranteed is the fund disbursement even after the lender provides the written loan approval by the 17th day? Is the lender bound by their written approval? If the fund doesn't get disbursed after I remove the loan contingency, do I lose my deposit to the seller? ( I would think so.) 2. On the purchase contract's Loan Contingency Removal section, there is an option of "the loan contingency shall remain in effect until the designated loans are funded. Shouldn't all loan contingency be like that? 3. I already signed the contract and did the home inspection. The 17th day is approaching and I still haven't heard back from the lender. I feel uncomfortable with this particular clause and want to negotiate it with the seller. What's the best way to handle it at this point or should I? (My agent is not of much help in my opinion) by scbeas_793_371 from Hampton, Georgia. Sep 21st 2011 Reply