Purchaser shall be entitled to take possession of the Property on
Time is of the essence as to all provisions hereunder.
Purchaser agrees that in the event of a default in the payment of principal or interest which continues for a period of
days following the due date or a default in performance of any other obligation of Purchaser which continues
for a period of
days following written notice thereof by Vendor (delivered personally or mailed by certified
mail), the entire outstanding balance under this contract shall become immediately due and payable at Vendor's option
and without notice (which Purchaser hereby waives), and Vendor may singly, alternatively or in combination: (i)
terminate this Contract and either recover the Property through strict foreclosure or have the Property sold by
foreclosure sale; in either event, with a period of redemption, in the court's discretion, to be conditioned on full
payment of the entire outstanding balance, with interest thereon from the date of default and other amounts due
hereunder (failing which all amounts previously paid by Purchaser shall be forfeited as liquidated damages for failure
to fulfill this Contract and as rental for the Property); (ii) sue for specific performance of this Contract; (iii) sue for the
unpaid purchase price or any portion thereof; (iv) declare this Contract at an end and remove this Contract as a cloud
on title in a quiet-title action if the equitable interest of Purchaser is insignificant; (v) have Purchaser ejected from
possession of the Property and have a receiver appointed to collect any rents, issues or profits; or (vi) pursue any other
remedy available in law or equity. An election of any of the foregoing remedies shall only be binding on Vendor if
and when pursued in litigation. All costs and expenses including reasonable attorney fees of Vendor incurred to
pursue any remedy hereunder to the extent not prohibited by law and expenses of title evidence shall be paid by
Purchaser and included in any judgment. The parties agree that Vendor shall have the options set forth in this
paragraph available to exercise in Vendor's sole discretion.
Following any default in payment, interest shall accrue at the rate of % per annum on the entire amount in
default (which shall include, without limitation, delinquent interest and, upon acceleration or maturity, the entire
principal balance).
Vendor may waive any default without waiving any other subsequent or prior default of Purchaser.
Purchaser may not transfer, sell or convey any legal or equitable interest in the Property, including but not limited to a
lease for a term greater than one year, without the prior written consent of Vendor unless the outstanding balance
payable under this Contract is paid in full. In the event of any such transfer, sale or conveyance without Vendor's
written consent, the entire outstanding balance payable under this Contract shall become immediately due and payable
in full at Vendor's option without notice.
Vendor may mortgage the Property, including the continuation of any mortgage in force on the date of this Contract,
provided Vendor shall make timely payment of all amounts due under any mortgage, and the total due under such
mortgages shall not at any time exceed the then remaining principal balance under this Contract. If Vendor defaults
under such mortgages and Purchaser is not in default hereunder, Purchaser may make payments directly to Vendor's
mortgagee and such payments will be credited as payments hereunder.
All terms of this Contract shall be binding upon and inure to the benefit of the heirs, legal representatives, successors
and assigns of Vendor and Purchaser.
State Bar Form 11-Page 3
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© 2003 STATE BAR OF WISCONSIN
CHOOSE ONE OF THE FOLLOWING OPTIONS; IF NEITHER IS CHOSEN, OPTION A SHALL APPLY:
Purchaser agrees to pay the cost of future title evidence.
Vendor agrees to pay the cost of future title evidence.
A.
B.
