§ 160.08. Failure to fulfill agreement

Latest version.

Before the vesting of a fee simple title in the purchase, any material failure by the purchaser to carry out the agreement entered into under §§ 160.04 and 160.05 nullifies the agreement and all right, title, and interest in the property immediately reverts to the board of public works and safety except that the Board may grant the purchaser a specified period not to exceed two years to come into compliance with the terms of the agreement. The board may subordinate its interest under the terms of the agreement to financial institutions or persons lending money to the purchaser for the purpose of allowing the purchaser to fulfill the terms of the conveyance.

(Ord. No. 21-85, 6-3-85)

refstatelaw

Similar provisions, IC 36-7-17-8.

                    
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