Since the remedy by foreclosure of the vendor's lien, so-called, affirms the existence of the contract and seeks to collect the purchase price by a sale of the vendee's interest in the premises, an action in foreclosure will waive the benefit of the vendor's prior notice of forfeiture by default in the payment and thereafter the vendor cannot pursue any action which is predicated upon the assumption that the contract has been terminated.13

Sec. 188. Pursuing Foreclosure And Action At Law For Purchase Price Concurrently

It appears to be the well established rule that the vendor may sue in equity to enforce the contract and also at law to recover the debt which the vendee has contracted to pay by the contract or both remedies may be pursued concurrently so long as the vendor retains the title and clearly manifests his intention to rely upon it as security for his debt, equity will not compel him to part with such title until his debt for the purchase price has been paid and where he institutes proceedings at law for the recovery of the purchase price he must offer to convey a marketable title to the land and be in a position to perform the contract on his part and offer so to do before he can compel the vendee to pay the purchase price.14