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(a) Purchase contracts in good standing may be cancelled in whole or in part, at any time, upon mutual written agreement by the vendee and the director.
(b) A purchase contract is subject to cancellation in whole or in part if improperly issued through error with respect to material facts.
(c) A purchase contract may be cancelled if the land is used for any unlawful purpose.
(d) If the vendee shall default in the performance or observance of any of the contract terms, covenants and stipulations thereto or of the regulations now or hereafter in force or any of the provisions of the Land Act, and such default shall continue 30 days after service of written notice thereof by the division, the director shall subject the vendee to appropriate legal action, including but not limited to, cancellation of the contract. No improvements may be removed during the time which the contract is in default.
History: Eff. 7/1/60, Register 1; am 8/15/64, Register 18
Authority: AS 38.05.020
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Last modified 7/05/2006