Common use of Remedies of Default Clause in Contracts

Remedies of Default. In the event of a default, County may take any one or more of the following steps: (a) County may declare the entire balance of the purchase price and interest immediately due and payable. (b) County may foreclose this Contract by suit in equity. (c) County may specifically enforce the terms of this Contract by suit in equity. (d) With respect to any part of the Property that constitutes personal property in which County has a security interest, County may exercise the rights and remedies of a secured party as provided by the Uniform Commercial Code. (e) After complying with the notice requirements and affording Purchaser the right to cure the default contained in ORS 93.905–93.945, as the same may be amended or superseded from time to time, as long as the same is applicable, County may declare this Contract forfeited and retain the amount of the payments previously made under this Contract. On recordation of the affidavit required by Oregon law, this Contract will be extinguished and canceled, and Purchaser will have no further right, title, or interest in and to the real property or to any return or compensation for payments previously made under this Contract, as though this Contract and such payments had never been made. In that event, Purchaser agrees to surrender the Property to County. If Purchaser fails to do so, County may elect to treat Purchaser as a tenant holding over unlawfully after the expiration of a lease, and Purchaser may be ousted and removed as such, without affecting County’s right to pursue other rights and remedies contained in this Contract or permitted by law.

Remedies of Default. In the event of a default, County may take any one or more of the following steps: (a) County may declare the entire balance of the purchase price and interest immediately due and payable. (b) County may foreclose this Contract by suit in equity. (c) County may specifically enforce the terms of this Contract by suit in equity. (d) With respect to any part of the Property that constitutes personal property in which County has a security interest, County may exercise the rights and remedies of a secured party as provided by the Uniform Commercial Code. (e) After complying with the notice requirements and affording Purchaser the right to cure the default contained in ORS 93.905–93.945, as the same may be amended or superseded from time to time, as long as the same is applicable, County may declare this Contract forfeited and retain the amount of the payments previously made under this Contract. On recordation of the affidavit required by Oregon law, this Contract will be extinguished and canceled, and Purchaser will have no further right, title, or interest in and to the real property or to any return or compensation for payments previously made under this Contract, as though this Contract and such payments had never been made. In that event, Purchaser Xxxxxxxxx agrees to surrender the Property to County. If Purchaser fails to do so, County may elect to treat Purchaser as a tenant holding over unlawfully after the expiration of a lease, and Purchaser may be ousted and removed as such, without affecting County’s right to pursue other rights and remedies contained in this Contract or permitted by law.