Before the vesting of a fee simple title in the purchaser, any material failure by the purchaser to carry out the agreement entered into under § 161.006 nullifies the agreement and all right, title and interest in the property immediately reverts to the city; except that, the Department may grant the purchaser a specified period, not to exceed two years, to come into compliance with the terms of the agreement. The Department may subordinate its interest under the terms of the agreement to financial institutions or persons lending money to the purchaser for the purpose of allowing the purchaser to fulfill the terms of the conveyance.
(Prior Code, § 156.08)