Common use of Default by the Purchaser Clause in Contracts

Default by the Purchaser. IF THE PURCHASER SHALL HAVE MADE ANY REPRESENTATION OR WARRANTY HEREIN WHICH SHALL BE UNTRUE OR MISLEADING IN ANY MATERIAL RESPECT OR IF THE PURCHASER SHALL FAIL TO PERFORM ANY OF THE COVENANTS AND AGREEMENTS CONTAINED HEREIN AND SUCH CONDITION OR FAILURE SHALL CONTINUE FOR A PERIOD OF TEN (10) DAYS (OR SUCH ADDITIONAL PERIOD AS MAY BE REASONABLY REQUIRED TO EFFECTUATE A CURE OF THE SAME; PROVIDED THAT NO SUCH EXTENSION OF TIME SHALL APPLY TO PURCHASER'S FAILURE TO PAY THE PURCHASE PRICE AT CLOSING OR OTHERWISE OPERATE TO EXTEND THE CLOSING DATE) AFTER NOTICE THEREOF FROM THE SELLER, THE SELLER MAY, AS ITS SOLE AND EXCLUSIVE REMEDY, AT LAW, OR IN EQUITY, TERMINATE THIS AGREEMENT, WHEREUPON, THE PURCHASER SHALL PAY TO THE SELLER, AS LIQUIDATED DAMAGES AND NOT AS A PENALTY, THE SUM OF ONE HUNDRED THOUSAND DOLLARS ($100,000) (the "LIQUIDATED DAMAGES AMOUNT") PLUS THE REASONABLE ATTORNEYS' FEES AND EXPENSES INCURRED BY SELLER IN ENFORCING THE AGREEMENT AGAINST PURCHASER IN RESPECT OF PURCHASER'S DEFAULT. ------------------------------------------------------------ --------------------------------------------------------- PURCHASER'S INITIALS SELLER'S INITIALS ------------------------------------------------------------ --------------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------- ----------------------------- ------------------------------------- CNL HEALTHCARE MARRIOTT SENIOR LIVING PARTNERS, LP SERVICES, INC. -------------------------------------------------------- MARRIOTT INTERNATIONAL, INC. ------------------------------------------------------------ --------------------------------------------------------- It is understood and agreed that for purposes of this Section 10.2, if a default results from a false representation or warranty, such default shall be deemed cured if the events, conditions, acts or omissions giving rise to the falsehood are cured within the applicable cure period even though, as a technical matter, such representation or warranty was false as of the date actually made.

Default by the Purchaser. IF THE PURCHASER SHALL HAVE MADE ANY REPRESENTATION OR WARRANTY HEREIN WHICH SHALL BE UNTRUE OR MISLEADING IN ANY MATERIAL RESPECT OR IF THE PURCHASER SHALL FAIL TO PERFORM ANY OF THE COVENANTS AND AGREEMENTS CONTAINED HEREIN AND SUCH CONDITION OR FAILURE SHALL CONTINUE FOR A PERIOD OF TEN (10) DAYS (OR SUCH ADDITIONAL PERIOD AS MAY BE REASONABLY REQUIRED TO EFFECTUATE A CURE OF THE SAME; PROVIDED THAT NO SUCH EXTENSION OF TIME SHALL APPLY TO PURCHASER'S FAILURE TO PAY THE ALLOCABLE PURCHASE PRICE AT CLOSING OR OTHERWISE OPERATE TO EXTEND THE CLOSING DATE) AFTER NOTICE THEREOF FROM THE SELLER, THE SELLER MAY, AS ITS SOLE AND EXCLUSIVE REMEDY, AT LAW, OR IN EQUITY, TERMINATE THIS AGREEMENTAGREEMENT WITH RESPECT TO ANY PROPERTY OR PROPERTIES AS TO WHICH A CLOSING SHALL NOT YET HAVE OCCURRED, WHEREUPON, THE PURCHASER SHALL PAY TO THE SELLER, AS LIQUIDATED DAMAGES AND NOT AS A PENALTYPENALTY FOR AND ON ACCOUNT OF SUCH PROPERTIES (BUT NOT FOR EACH PROPERTY), THE SUM OF TWO MILLION THREE HUNDRED NINETY-ONE THOUSAND NINE HUNDRED THOUSAND FIFTY DOLLARS ($100,000) (the "LIQUIDATED DAMAGES AMOUNT"2,391,950) PLUS THE REASONABLE ATTORNEYS' FEES AND EXPENSES INCURRED BY SELLER IN ENFORCING THE AGREEMENT AGAINST PURCHASER IN RESPECT OF PURCHASER'S DEFAULT. ------------------------------------------------------------ --------------------------------------------------------- -------------------------------------- ----------------------------------------- PURCHASER'S INITIALS SELLER'S INITIALS ------------------------------------------------------------ --------------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------- -------------------------------------- ----------------------------------------- ----------------------------- ------------------------------------- ----------------------------------- CNL HEALTHCARE MARRIOTT SENIOR LIVING HOSPITALITY TOWNEPLACE MANAGEMENT PARTNERS, LP SERVICESCORPORATION ----------------------------------- RESIDENCE INN BY MARRIOTT, INC. -------------------------------------------------------- ----------------------------------- MARRIOTT INTERNATIONAL, INC. ------------------------------------------------------------ --------------------------------------------------------- ------------------------------------ ------------------------------------------- It is understood and agreed that for purposes of this Section 10.2, if a default results from a false representation or warranty, such default shall be deemed cured if the events, conditions, acts or omissions giving rise to the falsehood are cured within the applicable cure period even though, as a technical matter, such representation or warranty was false as of the date actually made.

Default by the Purchaser. IF THE PURCHASER SHALL HAVE MADE ANY REPRESENTATION OR WARRANTY HEREIN WHICH SHALL BE UNTRUE OR MISLEADING IN ANY MATERIAL RESPECT OR IF THE PURCHASER SHALL FAIL TO PERFORM ANY OF THE COVENANTS AND AGREEMENTS CONTAINED HEREIN AND SUCH CONDITION OR FAILURE SHALL CONTINUE FOR A PERIOD OF TEN (10) DAYS (OR SUCH ADDITIONAL PERIOD AS MAY BE REASONABLY REQUIRED TO EFFECTUATE A CURE OF THE SAME; PROVIDED THAT NO SUCH EXTENSION OF TIME SHALL APPLY TO PURCHASER'S FAILURE TO PAY THE ALLOCABLE PURCHASE PRICE AT CLOSING OR OTHERWISE OPERATE TO EXTEND THE CLOSING DATE) AFTER NOTICE THEREOF FROM THE SELLER, THE SELLER MAY, AS ITS SOLE AND EXCLUSIVE REMEDY, AT LAW, OR IN EQUITY, TERMINATE THIS AGREEMENTAGREEMENT WITH RESPECT TO ANY PROPERTY OR PROPERTIES AS TO WHICH A CLOSING SHALL NOT YET HAVE OCCURRED, WHEREUPON, THE PURCHASER SHALL PAY TO THE SELLER, AS LIQUIDATED DAMAGES AND NOT AS A PENALTYPENALTY FOR AND ON ACCOUNT OF SUCH PROPERTIES (BUT NOT FOR EACH PROPERTY), THE SUM OF TWO MILLION THREE HUNDRED NINETY-ONE THOUSAND NINE HUNDRED THOUSAND FIFTY DOLLARS ($100,000) (the "LIQUIDATED DAMAGES AMOUNT"2,391,950) PLUS THE REASONABLE ATTORNEYS' FEES AND EXPENSES INCURRED BY SELLER IN ENFORCING THE AGREEMENT AGAINST PURCHASER IN RESPECT OF PURCHASER'S DEFAULT. ------------------------------------------------------------ --------------------------------------------------------- --------------------------------------- ------------------------------------- PURCHASER'S INITIALS SELLER'S INITIALS ------------------------------------------------------------ --------------------------------------------------------- ------------------------------------------------------------ --------------------------------------------------------- ----------------------------- --------------------------------------- ------------------------------------- /s/ CBS /s/ MED CNL HEALTHCARE MARRIOTT SENIOR LIVING HOSPITALITY TOWNEPLACE MANAGEMENT PARTNERS, LP SERVICESCORPORATION /s/ MED RESIDENCE INN BY MARRIOTT, INC. -------------------------------------------------------- /s/ MED MARRIOTT INTERNATIONAL, INC. ------------------------------------------------------------ --------------------------------------------------------- --------------------------------------- ------------------------------------ It is understood and agreed that for purposes of this Section 10.2, if a default results from a false representation or warranty, such default shall be deemed cured if the events, conditions, acts or omissions giving rise to the falsehood are cured within the applicable cure period even though, as a technical matter, such representation or warranty was false as of the date actually made.