Common use of BREACH OF CONTRACT BY SELLER Clause in Contracts

BREACH OF CONTRACT BY SELLER. If Seller materially defaults in the performance of any of its obligations pursuant to this Agreement and the Closing of the sale of the Property set forth herein on or before the Closing Date does not occur because of a material breach of this Contract by Seller, Buyer may terminate this Agreement and receive back the Initial Deposit. In the event of a breach of this Contract by Seller, in no event shall Auctioneer be liable for specific performance or for any damages including special, general, incidental or consequential damages, punitive damages, or economic loss and/or attorneys’ fees, all of which are hereby waived. Further, if Seller breaches the Contract before the sale closes, Seller shall not be liable for any incidental, consequential, punitive damages or economic loss to Buyer.