Buyer agrees that all terms of this Agreement are subject to and subordinated to the lien of any land or building mortgage presently recorded against the Condominium, which means that the land and/or building mortgage remains a first lien against the Condominium regardless of the existence of this Agreement. The terms of this Agreement are subordinate to such mortgages whether the monetary advances are made voluntarily or involuntarily, and whether they are made in accordance with a building loan schedule of payments or accelerated by virtue or the lender's right to make payments before they become due. In any case, Seller premises that all mortgage liens affecting the Unit will be discharged prior to or at closing.
Buyer may not assign or in any way transfer this Agreement, and if Buyer assigns or transfers this Agreement, Seller may terminate this Agreement keeping all monies paid or promised to be paid by Buyer, to a maximum of ten (10%) percent of the purchase price, plus the full cost of any installed extras, as the agreed-upon amount of damages suffered by Seller.
