550.09 INSTRUMENT OF CANCELLATION OF LAND CONTRACT.

   (a)   A judgment for the vendor shall operate to cancel the land installment contract as of a date to be specified by the court. The clerk of the county or municipal court in which such judgment is rendered shall transmit an authenticated copy of such dated judgment to the county recorder of the county in which the property is located.

   (b)   The county recorder of such county shall record such authenticated judgment as an instrument of cancellation under Section 5301.331 of the Ohio Revised Code.

   (c)   Terminating land installment is exclusive remedy.

   (d)   The election of the vendor to terminate the land installment contract by an action under this Chapter or section 5313.07 or 5313.08 of the Ohio Revised Code is an exclusive remedy which bars further action on the contract unless the vendee has paid an amount less than the fair rental value plus deterioration or destruction of the property occasioned by the vendee's use. In such case the vendor may recover the difference between the amount paid by the vendee on the contract and the fair rental value of the property plus an amount for the deterioration or destruction of the property occasioned by the vendee's use.

(Ord. 19-07. Passed 2-6-19.)