Common use of Contributor’s Default Clause in Contracts

Contributor’s Default. If Contributor fails to perform any of its obligations under this Agreement for any reason other than GIPLP’s default or the permitted termination of this Agreement by GIPLP as expressly provided herein, and such default is not cured within ten (10) days after written notice thereof to Contributor, GIPLP shall be entitled, as its remedy, either (a) to terminate this Agreement and receive the return of the Xxxxxxx Money Deposit from Escrow Agent, together with GIPLP’s actual out-of-pocket costs and expenses incurred with respect to this transaction (not to exceed $35,000) which shall be reimbursed by Contributor to GIPLP within ten (10) business days after GIPLP’s delivery of commercially reasonable documentation supporting such costs and expenses (in such event, the right to retain the Xxxxxxx Money Deposit plus costs shall be full liquidated damages and, except as set forth herein, shall be GIPLP’s sole and exclusive remedy in the event of a default hereunder by Contributor, and GIPLP hereby waives and releases any right to xxx Contributor for damages), or (b) to enforce specific performance of Contributor’s obligation to execute and deliver the documents required to convey the Property to GIPLP in accordance with this Agreement. If specific performance is not available to GIPLP as a result of Contributor having sold the Property or any portion thereof to another party, or as a result of a willful and intentional act or omission of Contributor, then, in addition to GIPLP’s termination right and reimbursement referenced, GIPLP shall have all remedies available at law or in equity.

Contributor’s Default. If Contributor fails to perform any of its obligations under this Agreement for any reason other than GIPLP’s default or the permitted termination of this Agreement by GIPLP as expressly provided herein, and such default is not cured within ten (10) days after written notice thereof to Contributor, GIPLP shall be entitled, as its remedy, either (a) to terminate this Agreement and receive the return of the Xxxxxxx Money Deposit from Escrow Agent, together with GIPLP’s actual out-of-pocket costs and expenses incurred with respect to this transaction (not to exceed $35,000) which shall be reimbursed by Contributor to GIPLP within ten (10) business days after GIPLP’s delivery of commercially reasonable documentation supporting such costs and expenses (in such event, the right to retain the Xxxxxxx Money Deposit plus costs shall be full liquidated damages and, except as set forth herein, shall be GIPLP’s sole and exclusive remedy in the event of a default hereunder by Contributor, and GIPLP hereby waives and releases any right to xxx Contributor for damages), or (b) to enforce specific performance of Contributor’s obligation to execute and deliver the documents required to convey the Property to GIPLP in accordance with this Agreement. If specific performance is not available to GIPLP as a result of Contributor having sold the Property or any portion thereof to another party, or as a result of a willful and intentional act or omission of Contributor, then, in addition to GIPLP’s termination right and reimbursement referenced, GIPLP shall have all remedies available at law or in equity.

Contributor’s Default. If Contributor fails to perform any of its obligations under this Agreement for any reason other than GIPLP’s default or the permitted termination of this Agreement by GIPLP as expressly provided herein, and such default is not cured within ten (10) days after written notice thereof to Contributor, GIPLP shall be entitled, as its remedy, either (a) to terminate this Agreement and receive the return of the Xxxxxxx Money Deposit from Escrow Agent, together with GIPLP’s actual out-of-pocket costs and expenses incurred with respect to this transaction (not to exceed $35,000) which shall be reimbursed by Contributor to GIPLP within ten (10) business days after GIPLP’s delivery of commercially reasonable documentation supporting such costs and expenses (in such event, the right to retain the Xxxxxxx Money Deposit plus costs shall be full liquidated damages and, except as set forth herein, shall be GIPLP’s 's sole and exclusive remedy in the event of a default hereunder by Contributor, and GIPLP hereby waives and releases any right to xxx Contributor for damages), or (b) to enforce specific performance of Contributor’s obligation to execute and deliver the documents required to convey the Property to GIPLP in accordance with this Agreement. If specific performance is not available to GIPLP as a result of Contributor having sold the Property or any portion thereof to another party, or as a result of a willful and intentional act or omission of Contributor, then, in addition to GIPLP’s termination right and reimbursement referenced, GIPLP shall have all remedies available at law or in equity.