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In the event of the failure of Buyer to pay any of the sums in this Contract agreed to be
<br />paid by Buyer, for a period of 10 days after they become due, either as installments or on account
<br />of interest, taxes, assessments, or procuring insurance, or should Buyer fail to comply with any of
<br />the covenants or conditions of this Contract on its part to be performed, or if a receiver is appointed
<br />for Buyer (Buyer is prohibited from assigning its interest in the Property for benefit of creditors
<br />due to bankruptcy or otherwise), or should any action or proceeding be filed in any court to enforce
<br />any lien on or claim against the Property seeking to reach the interest of Buyer, then:
<br />a. Seller shall be released from all obligations in law or equity to convey the Property
<br />to Buyer.
<br />b. Buyer agrees to forfeit all rights to the Property, improvements made to property,
<br />fixtures added to the Property, including, but not limited to, lighting, carpet, ceiling fans, etc., any
<br />monies paid via either down payment or monthly payments, and any rights to possession
<br />commencing after being in default for a period of 20 days.
<br />c. Seller shall have a right to retake possession of the Property after Buyer has been
<br />in default for a period of 20 days.
<br />d. In lieu of the foregoing, Seller, at its option, may declare by notice to Buyer, the
<br />entire unpaid balance of the purchase price specified in this Contract to be due and payable, and
<br />may take appropriate action, in law or in equity, to proceed to enforce payment thereof.
<br />e. Any rights, powers, or remedies, special, optional, or otherwise, given or reserved
<br />to Seller by this Paragraph shall not be construed to deprive Seller of any rights, powers, or
<br />remedies otherwise provided by law or equity.
<br />f. Any and all legal fees incurred as a result of default of this Contract by Buyer shall
<br />become due and payable from Buyer.
<br />13. MAINTENANCE OF PROPERTY
<br />Buyer agrees to maintain the Property at all times in a state of good repair and condition, and
<br />will not do or permit to be done anything to the Property that will m any way impair or weaken the
<br />security of Seller's title. At such time as Seller inspects the Property and finds that repairs are
<br />necessary, Seller shall request that these repairs be made within seven (7) days at Buyer's expense.
<br />In case of the refusal, neglect, or inability of Buyer to repair and maintain the Property, Seller may,
<br />at Seller's option, make such repairs or cause same to be made, and advance money in that regard,
<br />which money advanced or costs of repairs shall be the obligation of Buyer and shall be secured by
<br />this Contract.
<br />14. RETURN OF PROPERTY
<br />In the event this Contract is terminated and Buyer is required to return the Property to Seller
<br />as may be required by the terms of this Contract, Buyer agrees to return the Property to Seller in
<br />substantially the same condition as it now exists, ordinary wear and tear excepted. Seller reserves
<br />the right to inspect the Property at any time by giving Buyer reasonable notice.
<br />15. RECORDING
<br />16. ENCUMBRANCES
<br />17. ALTERATIONS TO PROPERTY
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<br />As soon as practicable after the Effective Date, Seller shall cause a copy of this Contract to be
<br />recorded in the appropriate office of the county in whichThe Property is located. Seller shall provide
<br />Buyer with evidence of such recording.
<br />The Property is presently subject to a mortgage. Seller shall not place any additional
<br />mortgage on the Property without first obtaining the written permission of Buyer. In the event
<br />Seller should become delinquent in payments on the mortgage, Buyer may pay the same and credit
<br />said payment to the Contract price.
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