Common use of Cancellation of Escrow Clause in Contracts

Cancellation of Escrow. (a) If the Closing does not occur at the time and in the manner provided in this Agreement due to the failure of Seller to comply with any of its obligations under this Agreement ("Seller Default"), Buyer shall have the right to cancel the Escrow by written notice to Seller and Escrow Holder. Upon such cancellation, all title charges and costs of the Escrow shall be paid by Seller, and Escrow Holder shall promptly return to Buyer the Deposit, together with all interest accrued thereon. (b) In the event that the Closing does not occur at the time and in the manner provided in this Agreement due to the failure of Buyer to comply with any of its obligations under this Agreement ("Buyer Default"), Seller shall have the right to cancel the Escrow by written notice to Buyer and the Escrow Holder. Upon such cancellation, all title charges and costs of the Escrow shall be paid by Buyer, and the Deposit, together with all interest thereon, shall be paid in accordance with Article 11. (c) In the event that Closing does not occur due to Buyer's election to terminate this Agreement pursuant to Section 6.3, the Escrow shall automatically be cancelled, the Deposit shall be immediately returned to Buyer, together with all interest thereon, and Buyer and Seller shall each pay one-half (1/2) of the title charges and all costs for cancellation of the Escrow. (d) Upon any cancellation of the Escrow, all instruments and documents deposited with the Escrow Holder shall be returned to the parties who deposited the same. (e) The rights and remedies set forth in this Section 3.7 shall not be exclusive of any other rights or remedies which Buyer may have by law or in equity in the event of breach of this Agreement, including, without limitation, the right to specific performance.

Cancellation of Escrow. (a) If In the event that the Closing does not occur at the time and in the manner provided in this Agreement due to the material failure of Seller Purchaser to comply with any of its obligations under this Agreement ("Seller Purchaser Default"), Buyer Seller shall have the right to cancel the Escrow by written notice to Seller Purchaser and the Escrow Holder. Upon such cancellation, all title charges and costs of the Escrow (collectively, the "Cancellation Costs") shall be paid by Seller, and Escrow Holder shall promptly return to Buyer the Deposit, together with all interest accrued thereonPurchaser. (b) In the event that the Closing does not occur at the time and in the manner provided in this Agreement due to the material failure of Buyer Seller to comply with any of its obligations under this Agreement ("Buyer Seller Default"), Seller Purchaser shall have the right to cancel the Escrow by written notice to Buyer Seller and the Escrow Holder. Upon such cancellation, all title charges Seller shall return the Deposit to Purchaser and costs of the Escrow Cancellation Costs shall be paid by Buyer, and the Deposit, together with all interest thereon, shall be paid in accordance with Article 11Seller. (c) In the event that the Closing does not occur due to Buyer's election to terminate at the time and in the manner provided in this Agreement pursuant to Section 6.3for any reason other than a Purchaser Default or Seller Default, either Purchaser or Seller may, at any time after the Closing Deadline, cancel the Escrow by written notice to the other and to the Escrow Holder. Upon such cancellation, Seller shall automatically be cancelled, return the Deposit to Purchaser and the Cancellation Costs shall be immediately returned to Buyer, together with all interest thereon, divided equally between Purchaser and Buyer and Seller shall each pay one-half (1/2) of the title charges and all costs for cancellation of the EscrowSeller. (d) Upon any cancellation of the Escrow, all instruments and documents deposited with the Escrow Holder shall be returned to the parties who deposited the same. (e) The rights and remedies set forth in this Section 3.7 4.7 shall not be exclusive of any other rights or remedies which Buyer Purchaser or Seller may have by law or in equity in the event of breach of this Agreement, includingprovided however that Seller's exclusive remedy in the event of a Purchaser Default shall be to receive the Deposit as full liquidated damages and to require Purchaser to pay the Cancellation Costs pursuant to Section 4.7(a), without limitation, the right to specific performanceabove.

Cancellation of Escrow. 4.6.1 In the event of a material default by Buyer under this Agreement, Seller shall have the right to cancel the Escrow by notice to Buyer and the Escrow Holder, and upon such cancellation all costs of cancellation of the Escrow, including without limitation the cost of the preliminary title report furnished to Buyer pursuant to Section 5.1 hereof (a) If collectively, the "Cancellation Costs"), shall be paid by Buyer. 4.6.2 In the event that the Closing does not occur at the time and in the manner provided in this Agreement due to the material failure of Seller to comply with any of its obligations under this Agreement ("Seller Default"), Buyer shall have the right to (i) cancel the Escrow by written notice to Seller and the Escrow Holder. Upon , and upon such cancellation, all title charges and costs of cancellation the Escrow Cancellation Costs shall be paid by Seller, Seller and Escrow Holder shall promptly return to Buyer the Deposit, together with all interest accrued thereon, shall be refunded to Buyer, and (ii) pursue any remedies available pursuant to Section 9.1 hereof. (b) 4.6.3 In the event that the Closing does not occur at the time and in the manner provided in this Agreement due to the failure of for any reason other than Buyer to comply with any of its obligations under this Agreement ("default or Seller Default, either Buyer Default"), or Seller shall have the right to may cancel the Escrow by written notice to the Escrow Holder and the other, and upon such cancellation the Cancellation Costs shall be divided equally between Buyer and the Escrow Holder. Upon such cancellation, all title charges and costs of the Escrow shall be paid by Buyer, and the Deposit, together with all interest thereon, shall be paid in accordance with Article 11Seller. (c) In the event that Closing does not occur due to Buyer's election to terminate this Agreement pursuant to Section 6.3, the Escrow shall automatically be cancelled, the Deposit shall be immediately returned to Buyer, together with all interest thereon, and Buyer and Seller shall each pay one-half (1/2) of the title charges and all costs for cancellation of the Escrow. (d) 4.6.4 Upon any cancellation of the Escrow, all instruments and documents deposited with the into Escrow Holder shall be returned to the parties who deposited the same, and Buyer shall return to Seller all reports and information delivered to Buyer by Seller in connection with the Properties. (e) The rights and remedies set forth in this Section 3.7 shall not be exclusive of any other rights or remedies which Buyer may have by law or in equity in the event of breach of this Agreement, including, without limitation, the right to specific performance.

Cancellation of Escrow. (a) If the Closing does not occur at the time and in the manner provided in this Agreement due to the failure of Seller to comply with any of its obligations under this Agreement ("“Seller Default"”), Buyer shall have the right right, as Buyer’s sole remedy, either (i) to cancel the Escrow by written notice to Seller and Escrow Holder, in which event Seller shall reimburse Buyer for Buyer’s out-of-pocket costs and expenses incurred in connection with this Agreement and the transaction contemplated hereby (including any financing of such transaction) in an amount not to exceed $50,000.00, or (ii) to pursue an action for specific performance but only if Buyer properly files with a court of competent jurisdiction a complaint for specific performance within one hundred eighty (180) days after the scheduled Closing Date. Upon such cancellationBuyer specifically waives all other rights and remedies, including, without limitation, the right to damages. If Buyer elects to cancel the Escrow, then all title charges and costs of the Escrow shall be paid by Seller, Seller and Escrow Holder shall promptly return to Buyer the Deposit, together with all interest accrued thereon. (b) In the event that If the Closing does not occur at the time and in the manner provided in this Agreement due to the failure of Buyer to comply with any of its obligations under this Agreement ("“Buyer Default"”), then, without limiting any other rights or remedies Seller and/or Operator may have as a result thereof, Seller shall have the right to cancel the Escrow by written notice to Buyer and the Escrow Holder. Upon such cancellation, all title charges and costs of the Escrow shall be paid by Buyer, Xxxxx and the Deposit, together with all interest thereon, Deposit shall be paid to Seller in accordance with Article 1114. (c) In the event that Closing does not occur due to Buyer's election to terminate this Agreement pursuant to Section 6.3, the Escrow shall automatically be cancelled, the Deposit shall be immediately returned to Buyer, together with all interest thereon, and Buyer and Seller shall each pay one-half (1/2) of the title charges and all costs for cancellation of the Escrow. (d) Upon any cancellation of the Escrow, Escrow Holder shall return all instruments and documents deposited with the Escrow Holder shall be returned to the parties who deposited the same. (e) The rights and remedies set forth in this Section 3.7 shall not be exclusive of any other rights or remedies which Buyer may have by law or in equity in the event of breach of this Agreement, including, without limitation, the right to specific performance.