Common use of Cancellation of Escrow Clause in Contracts

Cancellation of Escrow. (i) In the event that, due to the failure of a party hereof (the “Defaulting Party”) to perform any of its material obligations hereunder, the Escrow does not close on or before the Closing Date, then the non-Defaulting Party may cancel the Escrow by written notice to the Defaulting Party and to Escrow Holder, and the Defaulting Party shall pay all cancellation fees of Escrow Holder and the Title Company. If Optionee is the Defaulting Party, Optionor’s exclusive remedy is set forth in Section 11(c) hereof (subject to the exclusions set forth in such provision). If Optionor is the Defaulting Party, Optionee’s remedies are as set forth in Section 11(b) hereof.

Cancellation of Escrow. (i) In the event that, due to the failure of a party hereof (the “Defaulting Party”) to perform any of its material obligations hereunder, the Escrow does not close on or before the Closing Date, then the non-Defaulting Party may cancel the Escrow by written notice to the Defaulting Party and to Escrow Holder, and the Defaulting Party shall pay all cancellation fees of Escrow Holder and the Title Company. If Optionee is the Defaulting Party, each Optionor’s exclusive remedy is set forth in Section 11(c) hereof (subject to the exclusions set forth in such provision). If any Optionor is the Defaulting Party, Optionee’s remedies are as set forth in Section 11(b) hereof.

Cancellation of Escrow. (i) In the event that, due to the failure of a party hereof (the “Defaulting Party”) to perform any of its material obligations hereunder, the Escrow does not close on or before the Closing DateClosing, then the non-Defaulting Party may cancel the Escrow by written notice to the Defaulting Party and to Escrow Holder, and the Defaulting Party shall pay all cancellation fees of Escrow Holder and the Title Company. If Optionee the Developer is the Defaulting Party, Optionorthe Owner’s exclusive remedy is set forth in Section 11(c10(c) hereof of this Exhibit C (subject to the exclusions set forth in such provision). If Optionor the Owner is the Defaulting Party, Optioneethe Developer’s remedies are as set forth in Section 11(b10(b) hereof.of this Exhibit C.