with all applicable federal, state, and local environmental laws and regulations including, without limitation, the Indiana Responsible
Property Transfer Law (“IRPTL”) (IC 13-25-3) as amended, the Comprehensive Environmental Response, Compensation and Liability
Act of 1980 (42 U.S.C. Section 9601, et seq. ) as amended, the Resource Conservation and Recovery Act of 1976 (42 U.S.C. Section
6901, et seq.) as amended, the Toxic Substances Control Act (15 U.S.C. Section 2601, et seq.) as amended, and all regulations under them,
and any other federal statute and any state statute and any municipal ordinance creating liability for treatment, storage, disposal, arranging,
or existence on the Real Estate of any hazardous or toxic substance, including their constituents. (“Environmental Laws”)
(c) Buyer covenants to comply at all times during the term of this Contract with all Environmental Laws.
(d) Seller warrants and represents to the best of Seller’s knowledge, no environmental filings have been made concerning the Real
Estate with any governmental agency.
(e) Each of the parties indemnifies the other against, and holds the other harmless from, any claim, action, loss, damage, liability,
cost, or expenses (including attorney fees and all reasonable environmental testing expense such party incurs as a result of the other party’s
breach of any representation, warranty, or covenants made in this Section 8.05).
8.06. INDEMNIFICATION. In addition to the provision of Section 8.05, Buyer agrees to indemnify and save harmless Seller from
and against any and all claims, liability, damage, costs or expense which Seller may incur by reason of the Buyer’s use or occupancy of
the Real Estate, or arising out of any act of the Buyer, Buyer’s agents, licensees and invitees.
SECTION 9. BUYER’S DEFAULT AND SELLER’S REMEDIES.
9.01 TIME. Time is of the essence of this Contract.
9.02. BUYER’S DEFAULT. Upon the occurrence of any Event of Default, as hereinafter defined, Seller shall have the right to
pursue immediately any remedy available under this Contract as may be necessary or appropriate to protect Seller’s interest under this
Contract and in the Real Estate.
9.03. EVENT OF DEFAULT. The following shall each constitute an Event of Default for purposes of this Contract:
(a) Failure by Buyer for a period of
days [not less than seven (7) days] to pay any payments
required to be made by Buyer to Seller under this Contract when and as it becomes due and payable.
(b) Lease or encumbrance of the Real Estate or any part thereof by Buyer, other than as expressly permitted by this Contract.
(c) Causing or permitting by Buyer of the making of any levy, seizure or attachment of the Real Estate or any part thereof.
(d) Occurrence of an uninsured loss with respect to the Real Estate or any part thereof.
(e) Institution of insolvency proceedings against Buyer, or the adjustment, liquidation, extension or composition or arrangement
of debts of Buyer or for any other relief under any insolvency law relating to the relief of debtors; or, Buyer’s assignment for the benefit
of creditors or admission in writing of his inability to pay his debts as they become due; or, administration by a receiver or similar officer
of any of the Real Estate.
(f) Desertion or abandonment by Buyer of any portion of the Real Estate.
(g) Actual or threatened alteration, demolition, waste or removal of any improvement now or hereafter located on the Real Estate,
except as permitted by Contract.
(i) Failure by buyer, for a period of thirty (30) days after written notice is given to Buyer, to perform or observe any other covenant
or term of this Contract.
9.04. SELLER’S REMEDIES. Upon the occurrence of an Event of Default, Seller shall elect his remedy under Subsection (a) or
(b) (unless Subsection (c) is applicable.)
(a) Seller may declare this Contract forfeited and terminated, and upon such declaration, all right, title and interest of Buyer in and
to the Real Estate shall immediately cease and Buyer shall then be considered as a tenant holding over without permission and Seller shall
be entitled to re-enter and take immediate possession of the Real Estate and to eject Buyer and all persons claiming under him. Further,
Seller shall have the right to institute legal action to have this Contract forfeited and terminated and to recover from Buyer all or any of
(1) possession of the Real Estate;
(2) any payment due and unpaid at the time of filing of the action and becoming due and unpaid from that time until possession
of the Real Estate is recovered;
(3) interest on the Unpaid Purchase Price from the last date to which interest was paid until judgement or possession is recovered
by Seller, whichever shall occur first; provided, however, that this shall not be construed as allowing the Seller to recover any interest
which would included under Subsection (a)(2) above;
(4) due and unpaid real estate taxes, assessments, charges and penalties which Buyer is obligated to pay under this Contract.
(5) premiums due and unpaid for insurance which Buyer is obligated to provide under this Contract.
(6) the reasonable cost of repair of any physical damage or waste to the Real Estate other than damage caused by ordinary wear
and tear and acts of God or public authorities; and
(7) any other amounts which Buyer is obligated to pay under this Contract; or
(b) Seller may declare all of the sums secured by this Contract to be immediately due and payable, and Seller may institute legal
action to recover same. When all of such sums are paid to Seller, Seller shall convey or cause to be conveyed to Buyer, by Warranty Deed,
the Real Estate subject to restrictions and easements of record as of the date of this Contract and all taxes and assessments which are
(c) In the event Buyer has substantial equity in the Real Estate when an Event of Default occurs, then this Contract shall be