HomeMy WebLinkAbout0476 and if such de[ault contim~es for 30 days. Selier at their option may:
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A. Declare a for[eiture o[ Purcha3e's righte hereunder a~d can~~~•I ~
~ this cuntracl. Un such eiccliun, all right, title and interest Of the P'urcl~.+ ~
hareunder shall ceaee ancl cletern~ine and all paymtnte therefor m8de by ~
~ Purchaser shall be relai»rd by the Seller aa liquidated damages and ae
rcntal !or the use and occupancy of the property.
B. In lieu of declaring a farfeiture, accelerate and bring an acii~~~ '
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~ for the balance of the purcliase price remaining due, or for any other
relief available in law or c~quity, including suit to recover any payment
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i~ payments ma~i~ by the Scllec :znd repayable by the Yurcnaser neieuiniei, ;t
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~ being stipulated and agreed that such obligation to re-pay is a separate and
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~ independent covenant of the Purchaser. No action to recover any payment
or paymenta so made by the Seller shall constitute a waiver of the righte to
proceed otherwiee with respect to any aubaequent default.
C. No waiver by the Seller of any default of the Pur~hastr shall be
construed as a waiver of any subsequent default. ~
10. The parties acknowledge that default shall be construed as
having occured hereunder when the payment as required by the Purchaaer
ahall have been delayed or not made within thirty (30) days of the due date
thereof.
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11. Purchaser acknowledges that they are aware of the
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; exiatance of a firat mortRage lien on said property in .favor of Citizen'e
Federal Savirigs and Loan Association, and in thia connection Sellers
agree to fully comply with all of the terms and conditiona thereof eo as not
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to allow the same to become in defatrlt. In the event dcfault ehall occur
in eaid mortgage then the Purchasors shall have the right to cure such
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1 default and to apply any monies so paid to the indebtedneea due to the ~
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S Sellers under this agreement. ~
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