Clause 4. Failure to make payment on time.
In case Purchaser failed to make a scheduled payment as stated in clause 2, Purchaser shall have to pay interest of 1.25 percent per month on the amount remaining unpaid or the Seller may exercise right to terminate the Agreement and forfeit payments made by Purchaser entirely.
In case Seller served notice on Purchaser to settle debt within the period of not less than 15 days, but if Purchaser failed to settle debt on time, this Agreement shall be regarded as nullified immediately after the passage of the period given in the notice and in this case Purchaser shall consent to the Seller forfeiting payments made by Purchaser totally.
In case Seller exercised right to terminate the Agreement as stated in the first paragraph or the Agreement terminated under second paragraph, the Seller is entitled to sell the land and the structure to another person immediately by not serving notice on Purchaser who is not entitled to contest such action nor seek compensation for damage from Seller, and under such case, the Seller shall be not denied of its right to seek compensation for damage from Purchaser for defaulting the Agreement.
Clause 5. Changes or Renovation
Before the date of transfer of ownership rights, apart from the Seller having right of occupation, the Purchaser shall have no right to do any construction on the land or correcting any part of the house. In case Purchaser defaulted the Agreement, it shall be held responsible for damage totally and in case such default caused damage to Seller, the Purchaser shall have to pay compensation to Seller.