Common use of Increase in Purchase Price Clause in Contracts

Increase in Purchase Price. This Contract is conditioned upon Seller’s ability to complete the construction of the Residence at existing cost of materials and at the existing labor scale of wages. In the event that there is an increase in the cost of materials and/or in the labor scale of wages prior to the closing of title hereunder, Seller reserves the right to increase the sales price of the Residence in an amount to cover the said increases by giving written notice of such increase to Purchaser at the address set forth herein. Should Purchaser fail to notify Seller within ten (10) days after receipt of said notice of Purchaser’s consent to the increase in price, then, at the expiration of said ten (10) day period, this Contract shall be deemed terminated, cancelled and of no force and effect and Seller shall return to Purchaser all sums of money paid on account hereof, without interest, except for the approved extras already installed.