Common use of City’s Election Clause in Contracts

City’s Election. If CSU is in Default ofits obligations with respect to the Closing of Escrow, the City’s sole remedy for such CSU Default prior to the Closing shall be to elect one ofthe following options: (i) waive the e fect ofCSU’s Default and proceed to consummate the Sale Transaction under this Agreement; or (ii) terminate this Agreement by delivering written notice of termination to CSU and Escrow Agent and the City shall receive and retain the Xxxxxxx Money Deposit as liquidated damages as determined in Section 12.3(b) below, as its sole and exclusive remedy for such CSU Default prior to the Closing. With respect to the City’s election of remedies for CSU’s Default ofits obligations with respect to the Closing ofEscrow, the City waives and relinquishes all rights to assert a remedy against CSU ofspecific performance of CSU’s obligations to the Closing of Escrow. With respect to any other CSU Default prior to the Closing of Escrow, the City shall have the right to pursue all available remedies at law or in equity including, but not limited to, an action for specific performance.

City’s Election. If CSU is in Default ofits obligations with respect to the Closing of Escrow, the City’s sole remedy for such CSU Default prior to the Closing shall be to elect one ofthe following options: (i) waive the e fect ef ect ofCSU’s Default and proceed to consummate the Sale Transaction under this Agreement; or (ii) terminate this Agreement by delivering written notice of termination to CSU and Escrow Agent and the City shall receive and retain the Xxxxxxx Money Deposit as liquidated damages as determined in Section 12.3(b) below, as its sole and exclusive remedy for such CSU Default prior to the Closing. With respect to the City’s election of remedies for CSU’s Default ofits obligations with respect to the Closing ofEscrow, the City waives and relinquishes all rights to assert a remedy against CSU ofspecific performance of CSU’s obligations to the Closing of Escrow. With respect to any other CSU Default prior to the Closing of Escrow, the City shall have the right to pursue all available remedies at law or in equity including, but not limited to, an action for specific performance.