Is a clause in a real estate contract requiring the buyer to obtain a loan sufficient to satisfy the buyer's obligations?

It is generally held that a provision of the type here involved, one which by its terms is contingent upon the ability of the buyer to obtain a loan, is inserted for the buyer's benefit 'so that he would not be liable for breach of contract unless he could borrow the money with which to pay for the land. He was at liberty to waive the benefit of this clause and to assume an unconditional obligation to fulfill the contract. This he did by filing his bill so that there is now complete mutuality between the parties.' Gottlaub v. Cohen, 139 N.J. Eq. 323, 51 A.2d 254, 256.