If the vendee, lessee or bailee fails to make the payment or to perform the covenants in any contract authorized by R.S. 45:611, the vendor, lessor, or bailor, or any assignee may retake the property in accordance with the terms of the contract; and in case of retaking, the vendee, lessee, or bailee or any assignee has no right of redemption and all payments under the contract shall be forfeited to the vendor, lessor or bailor, or to the party to whom they may have been made.
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