Common use of Default by VENDOR Clause in Contracts

Default by VENDOR. 6.1 It is also further agreed between the parties hereto that if the Vendor fail to comply with their obligations under this Agreement to complete the sale herein, breach a material term and/or condition of this Agreement and/or is wound up or there is a winding up proceeding against the Vendor, the Purchaser shall be entitled to specific performance of this Agreement and all other remedies available to them wherein all costs and expenses incurred by the Purchaser (including but not limited to the solicitors cost on solicitors and client basis) in connection therein shall be paid and borne by the Vendor. Alternatively the Purchaser shall be entitled to terminate this Agreement whereupon the Purchase Price satisfied by Purchaser and/or on behalf of the Purchaser herein under this Agreement to the Vendor shall be refunded free of interest and the Vendor shall in addition pay to the Purchaser a sum amounting to the Agreed LAD as agreed liquidated damages for the Vendor’s breach within fourteen (14) days from the date of receipt by the Vendor of the notice of termination failing which interest at the rate of eight per centum (8%) per annum on daily rests shall be paid on the aforesaid Purchase Price to be refunded from the expiry of the due date to the date of actual payment and in exchange of such refund. Upon receipt by the Purchaser of the Refund and Agreed LAD in full the Purchaser shall at their own cost and expense: - (i) withdraw all caveats lodged by or on behalf of the Purchaser; and (ii) return to the Vendor’s Solicitors all the documents provided by the Vendor under this Agreement with the Vendor’s interest intact (save in the event that the stamp duty has been paid on the Memorandum of Transfer, the Memorandum of Transfer shall be retained by the Purchaser’s Solicitors to obtain a refund of stamp duty), whereupon this Agreement shall terminate and be of no further effect and neither parties hereto shall have any claim against the other and thereafter the Vendor shall be at liberty to deal the Property in such manner as the Vendor shall think fit.

Default by VENDOR. 6.1 It is also further agreed between 8.1 In the parties hereto that if event of :- (a) default by the Vendor fail to comply with their of any of the Vendor’ obligations under this Agreement which is not rectified by the Vendor within Seven (7) days from the Vendor being notified of the same; or (b) the Vendor wilfully failing to complete this transaction provided that the sale herein, Purchaser themselves shall not be in breach a material term and/or condition of this Agreement and/or is wound up or there is a winding up proceeding against the Vendor, the Purchaser shall be entitled to specific performance of this Agreement and all other remedies available to them wherein all costs and expenses incurred and/or damages or by the Purchaser (including but not limited notice in writing to the solicitors cost on solicitors and client basis) in connection therein shall be paid and borne by the Vendor. Alternatively the Purchaser shall be entitled Vendor to forthwith terminate this Agreement whereupon the Purchase Price satisfied by Purchaser and/or on behalf of the Purchaser herein under in which event this Agreement shall terminate on the date of such notice and the following consequences shall ensue, that is to say:- (i) the Vendor shall be refunded free of interest and the Vendor shall in addition pay to the Purchaser a the sum amounting of monies equivalent to the Agreed LAD said Deposit only of the Purchase Price free of interest as agreed liquidated damages for the Vendor’s breach within fourteen (14) days from the date of receipt by the Vendor of the notice of termination failing which interest at the rate of eight per centum (8%) per annum on daily rests shall be paid on the aforesaid Purchase Price to be refunded from the expiry of the due date in addition to the date refund of actual payment and in exchange of such refund. Upon receipt by all payments made towards the Purchaser of the Refund and Agreed LAD in full the Purchaser shall at their own cost and expense: - (i) withdraw all caveats lodged by or on behalf of the Purchaser; andPurchase Price. (ii) return the Purchaser shall deliver or cause to be delivered to the Purchaser’s Solicitors all documents and other records belonging to the Vendor’s Solicitors all ; and; (iii) if possession of the documents provided said Property has been delivered to the Purchaser, the Purchaser shall, unless otherwise agreed to in writing by the parties hereto, deliver to the Vendor the said Property, fair wear and tear excepted. 8.2 In the event of termination of this Agreement:- (a) the sums payable pursuant to Clause 8.1(i) above shall be paid by the Vendor under this Agreement with or the VendorPurchaser’s interest intact (save Solicitors, in the event that the stamp duty has been paid on the Memorandum case of Transfer, the Memorandum of Transfer shall be retained monies held by the Purchaser’s Solicitors as stakeholders, to obtain a refund the Purchaser within Fourteen (b) the delivery of stamp duty)documents, whereupon this Agreement other records and, unless otherwise agreed to in writing by the parties hereto, delivery of vacant possession pursuant to Clause 8.1(ii) & (iii) above, shall terminate and be effected within Fourteen (14) days of no further effect and neither parties hereto shall have any claim against the other and thereafter the Vendor shall be at liberty to deal and/or the Property in such manner as the Vendor shall think fitsaid Solicitors compliance of Clause 8.2(a) herein.