In the event a subscriber defaults in the payment for his or her lot, and such default continues for a period of one year, the City has the right to cancel the subscription agreement upon giving the subscriber fifteen days written notice, mailed to his last address given to the City, and all moneys paid by the subscriber on the purchase price of the lot shall be retained by the City as liquidated damages for such subscriber's failure to perform such contract.
(Ord. 1530. Passed 9-16-63.)