Common use of Default by Purchaser Clause in Contracts

Default by Purchaser. Should Purchaser fail to close as provided in this Agreement, Purchaser will be in default. Upon default by Purchaser, Seller’s and Auction Firm’s liability hereunder to Purchaser shall absolutely cease, and Auction Firm shall be entitled to retain the Purchaser’s Deposit. If Purchaser has not paid the Buyer’s Deposit in full or if Auction Firm has incurred any expenses due to default by Purchaser, and Purchaser has made payment(s) to Seller, then, upon notice from Auction Firm to the Seller, any payment(s) by Purchaser to Seller (“Payments to Seller”) shall be remitted to Auction Firm by the Seller and shall be subject to use as reimbursement to Auction Firm for any expenses incurred by Auction Firm due to default of Purchaser. The Buyer’s Deposit and the Payment to Seller shall be apportioned to Auction Firm and Seller in the following manner: Auction Firm will retain the amount it would have received as the Buyer’s Premium at settlement plus compensation for any expenses it incurred due to default by Purchaser, and Seller will retain the remainder. Additionally, Auction Firm may resort to any other action or remedy in law or equity that may be available.

Default by Purchaser. Should Purchaser fail to close as provided in this Agreement, Purchaser will be in default. Upon default by Purchaser, Seller’s and Auction Firm’s liability hereunder to Purchaser shall absolutely cease, and Auction Firm shall be entitled to retain the Purchaser’s Deposit. If Purchaser has not paid the Buyer’s Deposit in full or if Auction Firm has incurred any expenses due to default by Purchaser, and Purchaser has made payment(s) to Seller, then, upon notice from Auction Firm to the Seller, any payment(s) by Purchaser to Seller (“Payments to Seller”) shall shall, subject to receipt of any necessary approval of the bankruptcy court, be remitted to Auction Firm by the Seller in an amount not exceeding the amount of expense incurred by Auction Firm due to default of Purchaser and shall be subject to use as reimbursement to Auction Firm for any expenses incurred by Auction Firm due to default of Purchaser. The Buyer’s Deposit and the Payment to Seller shall be apportioned to Auction Firm and Seller in the following manner: Auction Firm will retain the amount it would have received as the Buyer’s Premium at settlement plus compensation for any expenses it incurred due to default by Purchaser, and Seller will retain the remainder. Additionally, Auction Firm and/or Seller may resort to any other action or remedy in law or equity that may be available.

Default by Purchaser. Should Purchaser fail to close as provided in this Agreement, Purchaser will be in default. Upon default by Purchaser, Seller’s and Auction Firm’s liability hereunder to Purchaser shall absolutely cease, and Auction Firm shall be entitled to retain the Purchaser’s Deposit. If Purchaser has not paid the Buyer’s Deposit in full or if Auction Firm has incurred any expenses due to default by Purchaser, and Purchaser has made payment(s) to Seller, then, upon notice from Auction Firm to the Seller, any payment(s) by Purchaser to Seller (“Payments to Seller”) shall be remitted to Auction Firm by the Seller in an amount not exceeding the amount of expense incurred by Auction Firm due to default of Purchaser and shall be subject to use as reimbursement to Auction Firm for any expenses incurred by Auction Firm due to default of Purchaser. The Buyer’s Deposit and the Payment to Seller shall be apportioned to Auction Firm and Seller in the following manner: Auction Firm will retain the amount it would have received as the Buyer’s Premium at settlement plus compensation for any expenses it incurred due to default by Purchaser, and Seller will retain the remainder. Additionally, Auction Firm and/or Seller may resort to any other action or remedy in law or equity that may be available.