I would also make sure the seller is aware that you may not be using your own funds to close the transaction (you can include a sentence in the contract / addendum that states such). 

I explained my use of the word mandate in the same sentence.

You need to endorse the sale contract over to the end buyer, this is a one sentence assignment and signature, setting over your rights in the contract to another party, you don't really need mush of the guru stuff sold, just assign the contract.

Otherwise continue to risk your business and personal finances on top of a potential prison sentence...Kudos,Mary

Most states have prescribed fines that are not minor, and the possibility of a prison sentence is not out of the question.

Minh I answered your question in the last few sentences of my previous post.

@Michael Gee I understand a 16 page document is quite lengthy and you may not be able to omit every paragraph that doesn't apply(2 out of 5 sentences may apply) but if you can make it a 12 page doc by excluding those paragraphs that are absolutely inapplicable that may help.

The bold sentence implies that foreclosing from a 2nd position somehow makes the 1st lender irrelevant or gives the 2nd some hidden advantage.

<----Saying the same thing twice, I would go with the first sentence because the second sentence lacks confidence in your offering.

I don't recall ever seening a legal document that has "TIME BEING OF THE ESSENCE" and "...be extended as necessary..." in the same thought/sentence.