Common use of Violations of Record Clause in Contracts

Violations of Record. If the cost of the removal of violations required to be removed by SELLER pursuant to the provisions of this Contract shall be in excess of Two Thousand Five Hundred ($2,500.00) Dollars, SELLER is hereby granted an option to withdraw from this Contract, in which event, SELLER shall refund to PURCHASER the monies paid on the execution hereof, whereupon this Contract shall become null and void without further liability from either party to the other, unless PURCHASER shall agree to take title subject to said violations and assume the performance thereof and receive an abatement in reduction of the Purchase Price in the sum of Two Thousand Five Hundred ($2,500.00) Dollars. The options herein granted shall be exercised by notice in writing by either party, or their attorneys, on or before the time fixed for CLOSING, by certified mail, return receipt requested.