Page 385 - Important Provisions of The New Civil Code

Article 1592. In the sale of immovable property,

even though it may have been stipulated that

upon failure to pay the price at the time agreed

upon the rescission of the contract shall of right

take place, the vendee may pay, even after the

expiration of the period, as long as no demand

for rescission of the contract has been made

upon him either judicially or by a notarial act.

After the demand, the court may not grant him

a new term. (1504a)

Article 1601. Conventional redemption shall

take place when the vendor reserves the right

to repurchase the thing sold, with the

obligation to comply with the provisions of

Article 1616 and other stipulations which may

have been agreed upon. (1507)