Assignments and Recordation. Neither this Contract nor any right or privilege contained herein, including the Seller’s limited warranty provided in Section 7, may be assigned by Buyer without the prior written consent of Seller, and any attempt by Buyer to assign this Contract shall be void. If Buyer is an entity, any transfer or change in the ownership of the entity shall be considered a prohibited transfer. If Buyer attempts to assign this Contract without Seller’s consent, this Contract shall, at the sole option of Seller, be terminated by giving Buyer five (5) days’ notice prior to the termination thereof, and all payments previously tendered hereunder shall be retained by Seller as liquidated damages. This Contract shall not be recorded prior to Closing. If Buyer records this Contract, Seller may elect to terminate this Contract by giving Buyer five (5) days’ notice prior to the termination thereof, and Seller shall have the right to retain all payments previously tendered hereunder as liquidated damages. In addition, Buyer, upon demand, agrees to execute and deliver to Seller any such documents as Seller may reasonably request to remove any cloud on title on the Lot or Project. Furthermore, Buyer irrevocably appoints Seller as attorney-in-fact for Buyer to execute on Buyer’s behalf any and all documents necessary to remove any such cloud on title. The recording of this Contract shall in no way be constructed as imposing or constituting a cloud on the title or affecting any sale or conveyance thereafter.
Appears in 4 contracts
Samples: Purchase Agreement, Purchase Agreement, Purchase Agreement
