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 If Purchaser fail defaults in the performance of its obligations, Seller may elect to close as provided in terminate this Agreement, Purchaser will in which event Seller shall be entitled to keep the Xxxxxxx Money Deposit, as liquidated damages, the parties agreeing that Seller’s actual damages may be difficult to ascertain, and that the amount of the Xxxxxxx Money Deposit reasonably approximates the damages Seller would sustain in default. Upon the event of a default by Purchaser, Seller’s and Auction Firm’s liability hereunder to other than damages arising from any claims for mechanics’ liens resulting from work or materials ordered by Purchaser shall absolutely cease, and Auction Firm shall be entitled to retain for the Purchaser’s DepositUnit. If Purchaser has not paid the Buyer’s Deposit in full or if Auction Firm has incurred any expenses due Seller elects to terminate this Agreement following a default by Purchaser, and if, at the time of Seller’s exercise of that remedy, there remains outstanding and unpaid any invoice for work and/or materials benefiting the Unit and ordered by Purchaser, then Seller shall have the right, in addition to any other rights and remedies reserved or allowed for Seller under this Agreement or by law, to pay those invoices to ensure that no mechanic’s or materialman’s lien will be imposed against the Unit, and to charge Purchaser has made payment(s) for all amounts so paid by Seller. Any amounts paid by Seller for such work or materials will bear interest at an annual rate equal to Sellerfifteen percent (15%), then, upon beginning the fifth day after Seller gives notice from Auction Firm to Purchaser of the Seller, any payment(s) amount paid 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 from Purchaser. The Buyerforegoing limitations on Seller’s Deposit and the Payment to Seller remedies shall be apportioned to Auction Firm and Seller not apply 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 event of a default by Purchaser arising from Purchaser, and Seller will retain the remainder. Additionally, Auction Firm may resort to any other action ’s recording of this Agreement (or remedy a memorandum or notice of it) in law or equity that may be availableviolation of Section 18 below.

Default by Purchaser. Should (i) Purchaser acknowledges that this Agreement is the sole inducement for Seller to hold the Unit off the market. If Purchaser shall fail to close pay or cause to be paid the Balance Due at closing or otherwise fails to settle under this Agreement as provided in and when required by the terms of this Agreement, Purchaser will be in default. Upon default then Seller may terminate this Agreement by Purchaser, Seller’s and Auction Firm’s liability hereunder giving notice to Purchaser shall absolutely cease, and Auction Firm Seller shall be entitled to retain the Deposit as complete and liquidated damages for Purchaser’s Deposit's breach or default. Thereafter, this Agreement shall terminate and Seller and Purchaser shall be relieved of further liability under this Agreement, at law or in equity. Seller and Purchaser have considered carefully the loss to Seller occasioned by taking the Unit off the market as a consequence of this Agreement, and the other damages, general and specific, which Seller will suffer as a result of Purchaser's failure to close under this Agreement and Seller and Purchaser have determined that the amount of the Deposit is a fair and reasonable estimate of those damages and not a penalty. If Purchaser has not paid fails to perform any of its obligations under this Agreement other than its obligation to close, Seller shall have all rights and remedies for such breach or default as may be available at law or in equity, including, without limitation, applying the Buyer’s Deposit as a general fund for the payment of damages in full or if Auction Firm has incurred any expenses due addition 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 pursuing such legal and/or equitable remedies as 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 may have on account of Purchaser's default. The Buyer’s Deposit and Without limiting the Payment to foregoing, Seller shall be apportioned have the right to Auction Firm terminate this Agreement and Seller in the following manner: Auction Firm will retain the amount it would have received as Deposit if Purchaser defaults in any of Purchaser's obligations to be performed at any time after the Buyer’s Premium at settlement plus compensation for any expenses it incurred due date of this Agreement and prior 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 availableclosing.

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.

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.