Default by Purchaser Before Closing. If Purchaser is in material default under this Agreement before Closing (including, without limitation, for failure to timely close), then subject to the two paragraphs immediately following, Seller’s sole remedy shall be to terminate this Agreement. In that event, Seller shall be entitled to retain the Xxxxxxx Money Deposit and any interest as liquidated damages, except as discussed in Section 8.e. Purchaser and Seller each desire to provide for liquidated damages and agree that if Purchaser is in breach of Purchaser’s obligations under this Agreement before Closing, it will be difficult to determine Seller’s damages, which include (without limitation) the lost opportunity of selling the Unit to another purchaser while it was under contract to Purchaser. Consequently, the parties agree that the liquidated damages provided in this Agreement are a fair and reasonable estimate of Seller’s damages. The foregoing limitations on Seller’s remedies shall not apply in the event of a default by Purchaser arising from Purchaser’s recording of this Agreement (or a memorandum or notice of it) in violation of Section 17 below.
Appears in 4 contracts
Samples: Purchase and Sale Agreement, Purchase and Sale Agreement, Purchase and Sale Agreement
