can i cancel the contract at anytime after the date has passsed to obtain a committment that was not obtained?

I have a mortgage contigency for a certain amount. ‘If the mortgage loan has not been arranged…by a certain date, then either party buyer or seller void the agreement.’ Can i void at anytime if a committment has not been obtained? I had to get a committment for 3% but was only approved for a 5% mortgate…can I cancel? What is the time frame to cancel?

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