Default by Buyers Clause Samples
Default by Buyers a) Upon the default by Buyer(s) of any kind or nature whatsoever, all amounts due Contractor shall become immediately due and payable, and shall accrue interest at the rate of two percent (2%) per month prorated daily, until paid in full.
b) In the event that the Buyer(s) defaults in the performance of the Buyer(s) obligations pursuant to this Contract, then all sums previously deposited by the Buyer(s) shall immediately become the sole and exclusive property of the Contractor as liquidated and agreed-upon damages, and this Contract shall be terminated, and both parties shall be relieved from further liability hereunder.
c) Under no circumstance shall Contractor only be limited to retaining of sums paid by Buyer, including the deposit monies as liquidated damages.
Default by Buyers. If BUYERS fail to timely perform this Agreement, SELLERS may forfeit it as provided in the Iowa Code (Chapter 656), and all payments made shall be forfeited; or, at SELLERS' option, upon thirty days written notice of intention to accelerate the payment of the entire balance because of BUYERS' default (during which thirty days the default is not corrected), ▇▇▇▇▇▇▇ may declare the entire balance immediately due and payable. Thereafter this Agreement may be foreclosed in equity and the court may appoint a receiver.
Default by Buyers. In the event the Close of Escrow and the consummation of the transaction contemplated herein do not occur by reason of any material default by Buyers after notice and expiration of cure periods, Seller shall be entitled to all of its out-of-pocket expenses incurred in connection with the transaction and shall have the right to pursue any other remedy available to Seller at law or in equity, including the specific performance of this Agreement.
Default by Buyers. The Parent may terminate this Agreement in the event of any of the following events by or with respect to Buyers:
(i) Buyers shall fail to make or cause to be made any payment to the Parent required to be made hereunder, and such failure shall continue for a period of ten (10) days after written notice thereof shall be given to Buyers;
(ii) Buyers shall fail to keep, observe or perform any agreement, term or provision of this Agreement, and such failure shall continue for a period of ten (10) days after written notice thereof shall have been given to Buyers by the Parent, which notice shall specify the event or events constituting this failure; or
(iii) Buyers shall apply for, or consent to, the appointment of a receiver, trustee or liquidator of Buyers or of all or a substantial part of its assets, file a voluntary petition in bankruptcy, or admit in writing its inability to pay its debts as they become due, make a general assignment for the benefit of creditors, file a petition or answer seeking reorganization or arrangement with creditors or taking advantage of any insolvency law; or an order, judgment or decree shall be entered by a court of competent jurisdiction, on the application of a creditor, adjudicating Buyers bankrupt or insolvent or approving a petition seeking reorganization of the Parent, or appointing a receiver, trustee or liquidator of Buyers or of all or a substantial part of its assets, and such order shall remain undismissed, undischarged or unbonded for a period of sixty (60) days.