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pf_03144
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pf_03144
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Last modified
7/17/2007 12:45:44 PM
Creation date
12/8/2004 3:54:09 PM
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<br />Notwithstanding the foregoing, Purchaser may alter, repair, <br />remodel and undertake renovation or other work (collectively <br />"Construction") to the property at Purchaser's sole cost and <br />expense in accordance with the following: <br /> <br />a. No construction may be made so long as there is any <br />uncured default under the terms of the purchase money <br />mortgage; <br /> <br />b. Construction shall not reduce the value thereof below <br />its value immediately prior to said construction; <br /> <br />c. Construction shall be effected with due diligence, and in <br />a good and workmanlike manner with materials of like kind <br />and quality as those presently used on the property; <br /> <br />d. Construction shall be in compliance with all provisions <br />of this contract and laws, ordinances, regulations and <br />orders of any governmental or quasi-governmental body <br />having appropriate jurisdiction; <br /> <br />e. Construction shall be promptly and fully paid for by <br />. Purchaser; <br /> <br />;:,.' Purchaser" shall :indemnify and hold Seller harmless from any <br />,loss, ,expense, claim or liability asserted again, incurred or paid <br />by Seller or.claimsor asserted ,against the property or any <br />'interest therein by 'reason of any mechanic's, laborer's or <br />materialmen's liens or claims therefor, including reasonable <br />_.._,_,__,_,_, attorney's fees incurred by Seller in protecting or seeking, to, <br />protect its interest in the property. <br /> <br />29. Acceleration. In the event of default by the Buyer in <br />the payment of any installment of principal or interest or any part <br />thereof when due under the mortgage, or in the performance of or <br />compliance with any of the covenants or conditions of the mortgage, <br />then, upon 30 days written notice from the Seller, the entire <br />unpaid mortgage sum, with accrued interest thereon, shall, at the <br />option of Seller, become immediately due and payable. Failure to <br />exercise this option, however often, shall not constitute a waiver <br />'of the right to exercise it thereafter. <br /> <br />10 <br />
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