VIEWS: 77 PAGES: 1 CATEGORY: Real Estate POSTED ON: 8/6/2009
A provision in a home construction agreement which specifies the terms and conditions relative to possession of the home by the homeowner.
POSSESSION: Owner shall not have possession of the Residence until such time as Owner has fully satisfied/performed all payments and/or all other of Owner's obligations as set forth in this Agreement. Contractor may seek and obtain injunctive or other equitable relief and/or otherwise employ reasonable self-help measures to prevent Owner's impermissible possession or occupancy of the Residence and Owner shall reimburse Contractor all of Contractor's reasonable expense in doing so (including reasonable attorney's fees and costs). If Owner impermissibly takes possession of the Residence before Owner performs all of Owner's obligations as set forth within this Agreement, without Contractor's prior written consent, Owner shall be deemed to accept the Residence as completed and in wholly satisfactory condition. Owner shall additionally remain responsible for all of Owner's obligations hereunder and for all costs and expenses (inclusive of reasonable attorney's and expert's fees) which Contractor incurs resulting from Owner's breach and/or impermissible occupancy/possession of the Residence.
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