|
of interest, taxes, assessments, or procuring insurance, or should Buyer fail to comply with any
<br />of the covenants or conditions of this Contract on its part to be performed; or if a receiver is
<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 periodof-3-0 -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 />s due and payable from Buyer.
<br />MAINTENANCE OF PROPE TY
<br />13. Buyer agrees to maintain the Property at all times in a s : to 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 Sayer'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 />14. RETURN OF PROPERTY
<br />15. REC
<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 />201608774
<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 cif the county in which The Property is located. Seller shall
<br />provide Buyer with evidence of such recording.
<br />16. 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 />1n the - event Seller . should become delinquent xn payments - on e mortgage, Buyer may pay the
<br />same and credit said payment to the Contract price.
<br />17. ALTERATIONS TO PROPERTY
<br />$uyer 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 />3
<br />
|