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, 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. (ii) If Optionee for any reason does not timely exercise the Option, such failure is not a default under this Agreement, and either party hereto may cancel the Escrow by written notice to the other party and Escrow Holder. In such event, Optionors and Optionee shall each pay for one-half (1/2) of the cancellation fees of Escrow Holder and the Title Company. (iii) If, for any reason, Escrow is terminated or cancelled pursuant to the terms hereof, Escrow Holder shall return to the parties delivering the same all instruments or funds, if any, which are then held by Escrow Holder in connection with Escrow.

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. (ii) If Optionee for any reason does not timely exercise the Option, such failure is not a default under this Agreement, and either party hereto may cancel the Escrow by written notice to the other party and Escrow Holder. In such event, Optionors Optionor and Optionee shall each pay for one-half (1/2) of the cancellation fees of Escrow Holder and the Title Company. (iii) If, for any reason, Escrow is terminated or cancelled pursuant to the terms hereof, Escrow Holder shall return to the parties delivering the same all instruments or funds, if any, which are then held by Escrow Holder in connection with Escrow.