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Real Estate Contract Page 6
LPB 44-05(ir) rev. 3/2009
Page 6 of 10
21. RECEIVER. If Seller has instituted any proceedings specified in Paragraph 20 and Purchaser is receiving
rental or other income from the property, Purchaser agrees that the appointment of a receiver for the property is
necessary to protect Seller's interest.
22. PURCHASER'S REMEDY FOR SELLER'S DEFAULT. If Seller fails to observe or perform any term,
covenant, or condition of this Contract, Purchaser may, after 30 days' written notice to Seller, institute suit for
damages or specific performance unless the breaches designated in said notice are cured.
23. NON-WAIVER. Failure of either party to insist upon strict performance of the other party's obligations
hereunder shall not be construed as a waiver of strict performance thereafter of all of the other party's
obligations hereunder and shall not prejudice any remedies as provided herein.
24. ATTORNEY'S FEES AND COSTS. In the event of any breach of this Contract, the party responsible for the
breach agrees to pay reasonable attorney's fees and costs, including costs of service of notices and title
searches, incurred by the other party. The prevailing party in any suit instituted arising out of this Contract and
in any forfeiture proceedings arising out of this Contract shall be entitled to receive reasonable attorney's fees
and costs incurred in such suit or proceedings.
25. NOTICES. Notices shall be either personally served or shall be sent certified mail, return receipt requested, and
by regular first class mail to Purchaser at
___________________________________________________________
_________________________________________________________________________________________
and to the Seller at _______________________________________________________________________
_________________________________________________________________________________________
or such other addresses as either party may specify in writing to the other party. Notices shall be deemed given
when served or mailed. Notice to Seller shall also be sent to any institution receiving payments on the
Contract.
26. TIME FOR PERFORMANCE. Time is of the essence in performance of any obligations pursuant to this
Contract.
27. SUCCESSORS AND ASSIGNS. Subject to any restrictions against assignment, the provisions of this Contract
shall be binding on the heirs, successors, and assigns of the Seller and the Purchaser.
28. OPTIONAL PROVISION -- SUBSTITUTION AND SECURITY ON PERSONAL PROPERTY. Purchaser
may substitute for any personal property specified in Paragraph 3 herein other personal property of like nature
which Purchaser owns free and clear of any encumbrances. Purchaser hereby grants Seller a security interest
in all personal property specified in Paragraph 3 and future substitutions for such property and agrees to
execute a financing statement under the Uniform Commercial Code reflecting such security interest.
SELLER INITIALS: PURCHASER
_______________________________________ _____________________________________
_______________________________________ _____________________________________
29. OPTIONAL PROVISION -- ALTERATIONS. Purchaser shall not make any substantial alteration to the
improvements on the property without the prior written consent of Seller, which consent will not be
unreasonably withheld.
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