INSOLVENCY OF SELLER. 21.1 Notwithstanding any other provision of this contract, the Buyer acknowledges that the Seller shall not be in default of this Contract if the Seller has an administrator or liquidator or receiver appointed, or a mortgagee takes possession of the Land or the Seller is otherwise insolvent. The Buyer is not entitled to terminate the Contract as a result of any of the aforementioned events.
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Samples: Contract for Houses and Residential Land, Contract for Houses and Residential Land, Contract for Houses and Residential Land
INSOLVENCY OF SELLER. 21.1 Notwithstanding any other provision of this contract, the Buyer acknowledges that the Seller shall not be in default of this Contract if the Seller has an administrator or liquidator or receiver appointed, or a mortgagee takes possession of the Land or the Seller is otherwise insolvent. The Buyer is not entitled to terminate the Contract as a result of any of the aforementioned events.. DRAFT
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