Default; Liquidated Damages. If Buyer defaults under this Contract after the Deposit has been paid, the Deposit shall be remitted to and retained by Seller as liquidated damages, and thereupon, the parties shall be relieved of all further liability under this Contract except as other- wise specifically set forth herein. In the event that legal action is commenced to enforce any provision of this Contract, the prevailing party shall be entitled to reimbursement of court costs and attorneys fees incurred therein.
Default; Liquidated Damages. In the event of any default hereunder by Seller, Buyer shall have the right to either cancel this Agreement or to enforce this Agreement by an action for damages or specific performance, or both, or to such other appropriate remedy as may be available. In the event of cancellation by Buyer due to Seller’s breach, the xxxxxxx money deposit and all other sums deposited by Buyer with Escrow Holder shall be returned to Buyer within five (5) days without further instruction from Seller, without liability to Escrow Holder, and Buyer shall have no further obligations under this Agreement. IN THE EVENT OF ANY MATERIAL DEFAULT HEREUNDER BY THE BUYER, SELLER MAY, AS ITS SOLE REMEDY AT LAW OR IN EQUITY, CANCEL THIS AGREEMENT BY NOTICE TO BUYER AND THE ESCROW HOLDER, AND THE XXXXXXX MONEY DEPOSIT PAID BY THE BUYER SHALL BE PAID TO SELLER AS LIQUIDATED DAMAGES. SELLER’S REMEDY HEREUNDER SHALL BE LIMITED TO SUCH CANCELLATION AND PAYMENT, IT BEING EXPRESSLY AGREED THAT SELLER SHALL HAVE NO RIGHT TO ANY OTHER LEGAL OR EQUITABLE RELIEF FROM BUYER. BUYER AND SELLER AGREE THAT THE AMOUNT OF LIQUIDATED DAMAGES ESTABLISHED HEREIN IS A REASONABLE, PRESENT ESTIMATE OF WHAT SELLER’S DAMAGES WOULD BE IN THE EVENT OF A DEFAULT BY BUYER. VG Initialed by Seller RB Initialed by Buyer
Default; Liquidated Damages. If the basic rent or any portion thereof due under the terms of this lease is not paid when due and shall remain unpaid for a period of fifteen (15) days after notice thereof in writing, or if Lessee shall fail to perform promptly any other covenant, term, or condition required by this lease to be performed by Lessee, and such failure shall continue for a period of fifteen (15) days after notice thereof in writing specifying the nature of such failure, Lessee shall be in default. Because of the nature of the property leased hereunder, the involvement of common carriers, and the public purpose to be served by this lease, the parties hereby agree that this lease and each of the terms thereof shall be specifically enforceable. Additionally, however, the parties agree that if specific enforcement of this lease cannot be invoked to provide an adequate remedy, then and in that event only, the following liquidated damages provisions shall apply: The amount of money damages sufficient to remedy a breach of this lease being difficult or impossible to determine, the parties hereby agree that said damages shall be liquidated in an amount equal to the amount of basic rent which would otherwise become due and payable under the unexpired term of this lease plus an amount equal to the reasonable costs incurred in enforcing this lease. No waiver of any breach or breaches of any provision of this lease shall be construed to be a waiver of any preceding or succeeding breach of such provision or any other provision hereof.
Default; Liquidated Damages. Recipient hereby acknowledges and agrees, that in the event of a breach by Broker of any of its obligations or agreements hereunder, (“Recipient Default”), Marcus will suffer damages in an amount which will, due to the confidential nature of the transaction contemplated herein, be impractical or extremely difficult to ascertain. In addition, Recipient wishes to have a limitation placed upon the liability of Recipient in the event of a Recipient Default. After due negotiation, Marcus and Recipient agree that upon the occurrence of a Recipient Default and provided further that: (a) the Recipient Default results in the sale of the Property; and (b) Marcus is not a party to the sale of the Property; then, Marcus shall be entitled to receive, as liquidated damages from the Recipient, an amount equal to 2.5% of the sales price of the Property. Such sum represents a reasonable estimate of the damages Marcus will sustain in the event of a Recipient Default that results in the sale of the Property.
Default; Liquidated Damages. 41.1 Subject to the provisions of the Condition headed “Force Majeure”, and, if the Supplier does not deliver, install, or complete (as the case may be) any Services by the due date subject to any Variation and terms of any Work Package and/or Purchase Order, the Supplier shall be in breach of the Contract (but not necessarily material breach), and, where the relevant Work Package or this Contract provides for the payment of liquidated damages, shall pay to BT on request such an amount of liquidated damages as described in the relevant Work Package.
Default; Liquidated Damages. A. If the escrow does not close on or before the date set forth in Item 10, or a later closing date mutually agreed to by Seller and Buyer, within 15 days after closing date set forth in Item 10, or the extended clos- ing date mutually agreed to by Seller and Buyer, Seller will, except as provided in (B) below, order all of the moneys remitted by Buyer under the terms of this contract to be refunded to Buyer.
Default; Liquidated Damages. If the Buyer defaults in his/her/its obligations hereunder, the parties agree that the damages to Seller may be difficult or impossible to determine, and the parties agree that Seller may choose, in Seller’s complete discretion, that either (a) all deposits held in escrow shall become the property of the Seller as liquidated damages, or (b) Seller may bring an action against Buyer for actual damages.
Default; Liquidated Damages. Notwithstanding the provisions of the foregoing Section 9.2, if Licensee fails to close, Licensor being not in default and all conditions to the obligations of Licensee to close having been satisfied or waived, Licensor's sole remedy shall be the right to terminate this Agreement by fifteen (15) days' written notice to Licensee. Upon such termination: (a) Licensee shall forfeit all rights and claims pursuant to this Agreement; (b) Licensor shall hold and retain all sums of money paid or payable in accordance with clause (a) of Section 2.4 of this Agreement as liquidated damages for Licensor's default, this Agreement serving without more as an irrevocable direction on behalf of Licensee to Firstar Bank, N.A. to pay such sums to Licensor; and (c) all rights and remedies under this Agreement shall thereupon be void. The parties hereby agree that the aforesaid sums shall be deemed to be adequate but not excessive liquidated damages based upon the following considerations, which Seller and Purchaser agree would constitute damages to Licensor for any default by Licensee but are impossible to quantify, to wit: (a) the removal of the Trade Rights from the market, together with the uncertainty of obtaining a new licensee at the same or greater license fee; (b) the expenses incurred by Licensor, including (but not by way of limitation) attorneys' fees, interest and other costs incidental to the maintenance of Licensor's Mutual Fund business until a new licensee can be identified; and (c) all other expenses incurred by Licensor as a result of Licensee's default.
Default; Liquidated Damages. (a) In the event the Sale Transaction is not consummated within the Outside Date, Seller may, as its sole and exclusive remedy for such default, terminate this Agreement by written notice to Purchaser, in which event Seller shall be entitled to immediately retain the Exxxxxx Money Deposit; provided, however, that if the Sale Transaction is not consummated within the Outside Date because of the failure by the Seller to deliver the deliverables set forth in Section 1.4(a) herein, Purchaser may, as its sole and exclusive remedy for such default, terminate this Agreement by written notice to Seller, in which event the Exxxxxx Money Deposit shall be immediately returned to Purchaser.
Default; Liquidated Damages. NOT WITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, IF BUYER HAS NOT TERMINATED THIS AGREEMENT ON OR BEFORE THE DUE DILIGENCE DATE AND IF THE SALE OF THE PROPERTY TO BUYER IS NOT CONSUMMATED ON THE CLOSING DATE FOR ANY REASON OTHER THAN SELLER'S DEFAULT UNDER THIS AGREEMENT, SELLER SHALL BE ENTITLED TO RETAIN THE DEPOSIT, TOGETHER WITH ALL INTEREST ACCRUED THEREON, AS SELLER'S SOLE REMEDY AND LIQUIDATED DAMAGES. THE PARTIES AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES SUFFERED BY SELLER AS A RESULT OF BUYER'S FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY PURSUANT TO THIS AGREEMENT, AND THAT UNDER THE CIRCUMSTANCES EXISTING AS OF THE DATE OF THIS AGREEMENT, THE LIQUIDATED DAMAGES PROVIDED FOR IN THIS SECTION REPRESENTS A REASONABLE ESTIMATE OF THE DAMAGES WHICH SELLER WILL INCUR AS A RESULT OF SUCH FAILURE, PROVIDED, HOWEVER, THAT THIS PROVISION SHALL NOT LIMIT SELLER'S RIGHT TO RECEIVE REIMBURSEMENT FOR THE SUMS DESCRIBED IN SECTION 18, NOR WAIVE OR AFFECT SELLER'S RIGHTS AND BUYERS INDEMNITY OBLIGATIONS WITH RESPECT TO THE CONFIDENTIAL INFORMATION, BUYER'S ENTRY UPON THE PROPERTY, OR OTHER PRE-CLOSING COVENANTS SPECIFIED IN THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671, 1676 AND 1677. THE PARTIES HAVE SET FORTH THEIR INITIALS BELOW TO INDICATE THAT EACH PARTY FULLY UNDERSTANDS THE CONSEQUENCES OF THIS PROVISION AND THEIR AGREEMENT WITH THE TERMS HEREOF. ----------------- ---------------- SELLER'S INITIALS BUYER'S INITIALS
