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<br />13. DEFAULT BY BUYER
<br />In the event of the failure of Buyer to pay any of the sums in this Contract agreed to be paid by Buyer,
<br />for a period of 20 days after they become due, either as installments or on account of interest, taxes,
<br />assessments, or procuring insurance, or should Buyer fail to comply With any of the covenants or
<br />conditions of this Contract on its part to be performed, or if a receiver is appointed for Buyer (Buyer is
<br />prohibited from assigning its interest in the Property for benefit of creditors due to bankruptcy or
<br />otherwise), or should any action or proceeding be filed in any court to enforce any lien on claim against
<br />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 to Buyer.
<br />b. Buyer agrees to forfeit all rights to the Property, improvements made to property, fixtures added to the
<br />Property, including, but not limited to, lighting, carpet, ceiling fans, etc., any monies paid via either down
<br />payment or monthly payments, and any rights to possession commencing after being in default for a
<br />period of 30 days.
<br />c. Seller shall have a right to retake possession of the Property after Buyer has been in default for a period of
<br />30 days.
<br />d. In lieu of the foregoing, Seller, at its option, may declare by notice to Buyer, the entire unpaid balance of
<br />the purchase price specified in this Contract to be due and payable, and take appropriate action, in law or
<br />in equity, to proceed to enforce payment thereof.
<br />e. Any rights, powers, or remedies, special, optional, or otherwise, given or reserved to Seller by this
<br />Paragraph shall not be construed to deprive Seller of any rights, powers, or remedies otherwise provided
<br />by law or equity.
<br />f. Any and all legal fees incurred as a result of default of this Contract by Buyer shall become due and
<br />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, and will not do
<br />or permit to be done anything to the Property that will in any way impair or weaken the security of
<br />Seller's title. At such time as Seller inspects the Property and finds that repairs are necessary, Seller shall
<br />request that these repairs be made within seven (7) days at Buyer's expense. In case of the refusal,
<br />neglect, or inability of Buyer to repair and maintain the Property, Seller may, at Seller's option, make
<br />such repairs or cause to be made, and advance money in that regard, which money advanced or costs of
<br />repairs shall be the obligation of Buyer and shall be 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 Seller as may be
<br />required by the terms of this Contract, Buyer agrees to return the Property to Seller in substantially the
<br />same condition as it now exists, ordinary wear and tear excepted. Seller reserves the right to inspect the
<br />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 be recorded in
<br />the appropriate office of the county in which the Property is located Seller shall provide Buyer with
<br />evidence of such recording.
<br />17. ENCUMBRANCES
<br />The Property is presently subject to a mortgage. Seller shall not place any additional mortgage on the
<br />Property without first obtaining the written permission of Buyer. In the event Seller should become
<br />delinquent in payments on the mortgage, Buyer may pay the same and credit said payment to the Contract
<br />price.
<br />18. ALTERATIONS TO PROPERTY
<br />Buyer shall not construct any additional buildings or make any structural change to the Property without
<br />first obtaining written approval from Seller. If written approval is given to construct or improve the
<br />Property, Buyer shall indemnify and hold Seller, the Property of Seller, and Seller's interest in the
<br />Property harmless, free and clear from liability for any and all mechanic's liens or other expenses or
<br />damages resulting from any renovations, alterations, buildings, repairs, or other work placed on the
<br />Property by Buyer.
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