|
201606889
<br /> appointed for Buyer(Buyer is prohibited from assigning its interest in the Property for benefit of
<br /> creditors due to bankruptcy or otherwise), or should any action or proceeding be filed in any
<br /> court to enforce any lien on or claim against the Property seeking to reach the interest of Buyer,
<br /> then:
<br /> a. Seller shall be released from all obligations in law or equity to convey the
<br /> Property 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.,
<br /> any monies paid via either down payment or monthly payments, and any rights to possession
<br /> commencing after being in default for a period of 30 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 30 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
<br /> shalibecome due and payable from Buyer.
<br /> 14. MAINTENANCE OF PROPERTY
<br /> Buyer agrees to maintain the Property at all times in a state of good repair and condition,
<br /> and will not do or permit to be done anything to the Property that will in any way impair or weaken
<br /> the 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
<br /> expense. In case of the refusal,neglect, or inability of Buyer to repair and maintain the Property,
<br /> Seller may, at Seller's option, make such repairs or cause same to be made, and advance money in
<br /> that regard, which money advanced or costs of repairs shall be the obligation of Buyer and shall be
<br /> secured by this Contract.
<br /> 15. RETURN OF PROPERTY
<br /> In the event this Contract is terminated and Buyer is required to return the Property to
<br /> Seller as may be required by the terms of this Contract, Buyer agrees to return the Property to
<br /> Seller in substantially the same condition as it now exists, ordinary wear and tear excepted.
<br /> Seller reserves the right to inspect the Property at any time by giving Buyer reasonable notice.
<br /> 16. RECORDING
<br /> As soon as practicable after the Effective Date, Seller shall cause a copy of this Contract to
<br /> be recorded in the appropriate office of the county in which the Property is located. Seller shall
<br /> provide Buyer with evidence of such recording.
<br /> 17. ENCUMBRANCES
<br /> The Property is presently subject to a mortgage by 5-Points Bank. Seller shall not place
<br /> any additional mortgage on the Property without first obtaining the written permission of Buyer.
<br /> In the event Seller should become delinquent in payments on the mortgage, Buyer may pay the
<br /> same and credit said payment to the Contract price.
<br /> 18. ALTERATIONS TO PROPERTY
<br /> Buyer shall not construct any additional buildings or make any structural change to the
<br /> Property without first obtaining written approval from Seller. If written approval is given to
<br /> construct or improve the Property, Buyer shall indemnify and hold Seller,the Property of Seller,
<br /> and Seller's interest in the Property harmless, free and clear from liability for any and all
<br /> mechanic's liens or other expenses or damages resulting from any renovations, alterations,
<br /> buildings,repairs,or other work placed on the Property by Buyer.
<br /> 3
<br />
|