Buyer Closing Default. If Buyer defaults under this Contract by failing to close the transaction in accordance with and subject to the terms of this Contract then, as Seller’s sole and exclusive remedy, Seller may terminate this Contract at Seller’s election by written notice to Buyer, in which event this Contract shall be terminated and of no effect, in which event (a) the Xxxxxxx Money Deposit, including any interest thereon, shall be paid to and retained by the Sellers, and (b) Buyer shall be liable for (and shall pay to Seller on demand) an additional amount which, when added to the Xxxxxxx Money Deposit, equals 5% of the Purchase Price, as liquidated damages for Buyer’s default or failure to close, and both Buyer and Sellers shall thereupon be released from all obligations hereunder (except as expressly provided otherwise in this Contract).
Appears in 7 contracts
Samples: Purchase Contract (Apple REIT Nine, Inc.), Purchase Contract (Apple REIT Eight, Inc.), Purchase Contract (Apple REIT Nine, Inc.)
