Real Estate Sales Contract Clauses 16-20

Real Estate Sales Contract Clauses 16-20

Article 16: Cancellation and penalty for breach of contract
1. The Seller and the Buyer may terminate this Contract if the other party delays in the performance of its obligations under this Contract, including the case where the Seller delays in making repairs as specified in Paragraph 2 of Article 13, with respect to the nonconformity specified in Paragraph 1 of Article 13, after giving the other party a reasonable period of time to perform its obligations and if the other party fails to perform within such period of time.
2. In the event of cancellation of the contract pursuant to the preceding paragraph, either the Seller or the Buyer may demand payment of the penalty fee stated in the Contract (hereinafter referred to as "Penalty Fee") from the other party. However, if the cancellation is due to a cause that cannot be attributed to the other party in light of this Contract and socially accepted practices, the Seller or Buyer may not demand a Penalty Fee payment. Regardless of the amount of damages actually incurred, the counterparty may not demand a reduction in the amount of the Penalty Fee.
3. The payment and settlement of the Penalty Fee will be made as follows:
(1) In the event of breach of contract by the Seller, the Seller shall promptly return to the Buyer the money already received without interest and pay the penalty.
​(2) If the Buyer breaches the contract and the penalty exceeds the amount of money already paid, the Buyer shall promptly pay the difference to the Seller, and if the amount of money paid exceeds the penalty, the Seller shall deduct the amount equivalent to the penalty from the money received and promptly return the remaining amount to the Buyer without interest.
Article 17: Special provisions for loan use
1. If the Buyer intends to use the financing funds described in the Contract with respect to the purchase price, the Buyer shall apply for such financing promptly after the execution of this Contract.
2. ​If all or part of the amount of the loan described in the preceding paragraph is not approved or denied by the date set forth in the Contract, the Buyer may terminate the Contract with the Seller until the termination date specified in the Contract.
3. When this Contract is terminated pursuant to the preceding paragraph, the Seller shall promptly return the money received to the Buyer without interest.
4. If the Buyer fails to follow the procedures for applying for financing under Paragraph 1 or intentionally prevents the approval of the financing, the cancellation under Paragraph 2 is not allowed.
Article 18: Stamp burden classification
The Seller and the Buyer shall attach, at their own expense, the stamps designated by law to this Contract held by each of them.
Article 19: Succession of various rules and regulations
The Seller shall have the Buyer succeed to, and the Buyer shall succeed to, all provisions for the maintenance and management of the environment relating to the Property.
Article 20: ​Special Provisions when there is more than one party signing the Contract
When one or both of the Seller and the Buyer are multiple parties, their liabilities with respect to this Contract shall be joint liabilities, and the notice of this Contract shall become effective for all of the parties when it reaches one of the parties.