Common use of Protection of Interests Clause in Contracts

Protection of Interests. If Purchasers fail to pay any sum of money required under the terms of this Contract for Deed or fail to perform any of Purchasers’ obligations as set forth in this Contract for Deed, Seller may, at Seller’s option, pay the same or cause the same to be performed, or both, and the amounts so paid by Seller and the cost of such performance shall be payable at once, with interest at a rate equal to the lesser of eight percent (8%) per annum or the highest rate authorized by law, as an additional amount due Seller under this Contract for Deed. If there now exists, or if Seller hereafter creates, suffers or permits to accrue, any mortgage, contract for deed (other than this Contract for Deed), lien or encumbrance against the Property which is not herein expressly assumed by Purchasers, and provided Purchasers are not in default under this Contract for Deed, Seller shall timely pay all amounts due thereon, and if Seller fails to do so, Purchasers may, at Purchasers’ option, pay any such delinquent amounts or take any actions reasonably necessary to cure defaults thereunder and deduct the amounts so paid, at an interest rate of eight percent (8%) per annum, from the installment(s) next coming due under this Contract for Deed.

Protection of Interests. If Purchasers fail to pay any sum of money required under the terms of this Contract for Deed or fail to perform any of Purchasers’ obligations as set forth in this Contract for Deed, Seller may, at Seller’s option, pay the same or cause the same to be performed, or both, and the amounts so paid by Seller and the cost of such performance shall be payable at once, with interest at a rate equal to the lesser of eight four percent (84%) per annum or the highest rate authorized by law, as an additional amount due Seller under this Contract for Deed. If there now exists, or if Seller hereafter creates, suffers or permits to accrue, any mortgage, contract for deed (other than this Contract for Deed), lien or encumbrance against the Property which is not herein expressly assumed by Purchasers, and provided Purchasers are not in default under this Contract for Deed, Seller shall timely pay all amounts due thereon, and if Seller fails to do so, Purchasers may, at Purchasers’ option, pay any such delinquent amounts or take any actions reasonably necessary to cure defaults thereunder and deduct the amounts so paid, at an interest rate of eight four percent (84%) per annum, from the installment(s) next coming due under this Contract for Deed.