Common use of Default by Seller Before Closing Clause in Contracts

Default by Seller Before Closing. If Seller is in material default under this Agreement before Closing (including, without limitation, for failure to timely close) and if, within five (5) days after receipt from Purchaser of written notice of the default, Seller fails to commence the steps necessary to cure the default and to complete the cure within a reasonable time, and if Purchaser is in compliance with all its obligations under this Agreement, then Purchaser may (i) terminate this Agreement, in which event Purchaser shall be entitled to a return of the Xxxxxxx Money Deposit paid by Purchaser (without interest), or (ii) elect to treat this Agreement as being in full force and effect, in which case Purchaser may assert a claim against Seller for specific performance to enforce Seller’s obligation to close.

Default by Seller Before Closing. If Seller is in material default under this Agreement before Closing (including, without limitation, for failure to timely close) and if, within five (5) days after receipt from Purchaser of written notice of the default, Seller fails to commence the steps necessary to cure the default and to complete the cure within a reasonable time, and if Purchaser is in compliance with all its obligations under this Agreement, then Purchaser may (i) terminate this AgreementAgreement upon written notice to Seller, in which event Purchaser shall be entitled to a return of the Xxxxxxx Money Deposit paid by Purchaser (without interest), or ) within seven (ii7) elect days of delivery of notice of termination to treat this Agreement as being in full force and effect, in which case Seller. Purchaser may assert a claim expressly waives all claims against Seller for specific performance to enforce Seller’s obligation to closeperformance.