Sec. 8. Before the vesting of a fee simple title in the purchaser, any material failure by the purchaser to carry out the agreement entered into under section 6 of this chapter nullifies the agreement and all right, title, and interest in the property immediately reverts to the agency, except that the agency may grant the purchaser a specified period, not to exceed two (2) years, to come into compliance with the terms of the agreement. The agency may subordinate its interest under the terms of the agreement to financial institutions or persons lending money to the purchaser for the purpose of allowing the purchaser to fulfill the terms of the conveyance.
[Pre-Local Government Recodification Citation: 18-7-21-7.]
As added by Acts 1981, P.L.309, SEC.36.
Structure Indiana Code
Article 7. Planning and Development
Chapter 17. Urban Homesteading
36-7-17-1. Application of Chapter
36-7-17-2. Designation of Agency to Administer Program
36-7-17-3. Acquisition of Property
36-7-17-4. Notice to Residents of Unit
36-7-17-5. Applications; Eligibility; Drawings to Determine Receipt of Dwellings
36-7-17-6. Conveyances; Duties of Recipients
36-7-17-7. Conveyances; Methods Authorized
36-7-17-9. Conveyances; Fee Simple Title
36-7-17-10. Rules and Regulations
36-7-17-11. Retention of Deed by Unit; Property Deemed Municipal Property; Tax Exemption
36-7-17-12. Property Not Applied for in Successive Drawings; Sale; Disposition of Proceeds