Sec. 9. Before the vesting of a fee simple title in the purchaser under section 10 of this chapter, any material failure by the purchaser to carry out the agreement entered into under section 7 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.
As added by P.L.118-2013, SEC.16.
Structure Indiana Code
Article 7. Planning and Development
Chapter 17.1. Alternative Urban Homesteading Program for Qualified Individuals
36-7-17.1-1. Application of Chapter
36-7-17.1-2. "Rehabilitation Loan"
36-7-17.1-3. Designation of Agency to Administer Program
36-7-17.1-4. Acquisition of Property
36-7-17.1-5. Notice to Residents of Unit
36-7-17.1-6. Applications; Eligibility; Drawings to Determine Receipt of Dwellings
36-7-17.1-7. Conveyances; Duties of Recipients
36-7-17.1-8. Conveyances; Methods Authorized
36-7-17.1-9. Conveyances; Effect of Purchaser's Failure to Fulfill Agreement
36-7-17.1-10. Conveyances; Fee Simple Title
36-7-17.1-11. Rules and Regulations
36-7-17.1-12. Retention of Deed by Unit; Property Deemed Municipal Property; Tax Exemption
36-7-17.1-13. Property Not Applied for in Successive Drawings; Sale; Disposition of Proceeds