Laserfiche WebLink
11. Sums Advanced by Seller. Any monies advanced by <br />Seller pursuant to its rights to advance such sums to protect its <br />interest in the Subject Property pursuant to Paragraphs 3, 4, 5, <br />and shall become additional indebtedness due from Purchaser to <br />Seller and shall be payable immediately with interest at the <br />lower rate of one percentage point above the Prime Rate or the <br />highest rate allowed by applicable law. <br />12. Cancellation of Contract. If any one or more of <br />the following defaults ( "Event of Default ") shall occur: <br />(a) Purchaser shall fail to effect payment of any <br />amount of interest or principal due hereunder, or any part <br />thereof, in accordance with the provisions of this Contract; <br />or <br />(b) Purchaser shall fail to make payment of any Taxes <br />as required by this Contract; or <br />(c) Purchaser shall fail in its obligation to purchase <br />insurance or in its obligation to make payment of any <br />premiums on any policies of insurance as required by this <br />Contract; <br />and any such failure by the Purchaser as described above shall <br />continue for 10 days after written notice thereof to the Pur- <br />chaser by the Seller or <br />(d) Purchaser shall fail to observe or perform any of <br />the other covenants, obligations, terms, conditions or <br />provisions contained in this Contract required to be kept or <br />performed by Purchaser and such failure shall continue for a <br />period of 30 days after written notice thereof to Purchaser <br />by Seller; or <br />(e) Any judgment shall be recovered against the Pur- <br />chaser for any attachment or other court process that shall <br />come or create a Lien on any of the Subject Property, and <br />such judgment, attachment or court process shall not be <br />discharged or effectively secured or the execution thereon <br />stayed within 30 days from the date of entry thereof; or <br />(f) The Purchaser shall be judicially declared in <br />bankrupt or insolvent and such order or decree shall not be <br />set aside within 30 days after the entry thereof, or Pur- <br />chaser or any one of them shall file petitions for voluntary <br />bankruptcy or make a general assignment for the benefit of <br />bankruptcy creditors or shall admit in writing its or their <br />debts as they become due; <br />then and in any such Event of Default, at the option of Seller, <br />Seller may by written notice declare this Contract cancelled and <br />terminated and all rights, title and interest acquired under this <br />Contract by Purchaser shall thereupon cease and terminate, and <br />all improvements made upon the Subject Property and all payments <br />