Common use of Default of Buyer Clause in Contracts

Default of Buyer. Buyer and Seller agree to indemnify and hold Title Company harmless from and against any loss (including, without limitation, reasonable attorneys' fees) arising out of or incurred in connection with the release of the Deposit to Seller. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Buyer's default in its obligation to purchase the Property, and that retention of the Deposit is intended not as a penalty, but as full liquidated damages. The parties further acknowledge that the amount of the Deposit is a reasonable estimate by the parties of the amount of probable loss that Seller should be expected to suffer in the event the sale and purchase of the Property is not closed because of Buyer's default. Seller's right to retain the Deposit as full liquidated damages is Seller's sole and exclusive remedy in the event of default hereunder by Buyer with respect to its obligation to purchase the Property, and Seller hereby waives and releases any right to (and hereby covenants that it shall not) sue Buyer (i) for specifix xerformance of this Agreement or (ii) to prove that Seller's actual damages resulting from such default exceed the Deposit which is hereby provided Seller as full liquidated damages. In the event the purchase and sale contemplated in this Agreement is not consummated because of Buyer's default, Buyer hereby waives and releases any right to sue (and hereby covenants txxx it shall not sue) Seller or Title Companx xo recover the Deposit or any part thereof on the grounds that it is unreasonable in amount or that its retention by Seller is a penalty and not agreed upon and reasonable liquidated damages.

Default of Buyer. Buyer and Seller agree to indemnify and hold Title Company Escrow Holder harmless from and against any loss (including, without limitation, reasonable attorneys' fees) arising out of or incurred in connection with the release of the Deposit to Seller. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Buyer's default in its obligation to purchase the Property, and that retention of the Deposit is intended not as a penalty, but as full liquidated damages. The parties further acknowledge that the amount of the Deposit is a reasonable estimate by the parties of the amount of probable loss that Seller should be expected to suffer in the event the sale and purchase of the Property is not closed because of Buyer's default. Seller's right to retain the Deposit as full liquidated damages is Seller's sole and exclusive remedy in the event of default hereunder by Buyer with respect to its obligation to purchase the Property, and Seller hereby waives and releases any right to (and hereby covenants that it shall not) sue Buyer (i) for specifix xerformance specixxx performance of this Agreement or (ii) to prove that Seller's actual damages resulting from such default exceed the Deposit which is hereby provided Seller as full liquidated damages. In the event the purchase and sale contemplated in this Agreement is not consummated because of Buyer's default, Buyer hereby waives and releases any right to sue (and hereby covenants txxx covxxxnts that it shall not sue) Seller or Title Companx xo Escrxx Holder to recover the Deposit or any part thereof on the grounds that it is unreasonable in amount or that its retention by Seller is a penalty and not agreed upon and reasonable liquidated damages. Notwithstanding anything in this Section 12.2 to the contrary, in the event of any default by Buyer hereunder other than in Buyer's obligations to purchase the Property, there shall be no liquidated damages with respect to such default, and Seller shall have all of its rights and remedies available at law or in equity with respect to such default.

Default of Buyer. Buyer and Seller agree to indemnify and hold Title Company harmless from and against any loss (including, without limitation, reasonable attorneys' fees) arising out of or incurred in connection with the release of the Deposit to Seller. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Buyer's default in its obligation to purchase the Property, and that retention of the Deposit is intended not as a penalty, but as full liquidated damages. The parties further acknowledge that the amount of the Deposit is a reasonable estimate by the parties of the amount of probable loss that Seller should be expected to suffer in the event the sale and purchase of the Property is not closed because of Buyer's default. Seller's right to retain the Deposit as full liquidated damages is Seller's sole and exclusive remedy in the event of default hereunder by Buyer with respect to its obligation to purchase the Property, and Seller hereby waives and releases any right to (and hereby covenants that it shall not) sue Buyer (i) for specifix xerformance specixxx performance of this Agreement or (ii) to prove that Seller's actual damages resulting from such default exceed the Deposit which is hereby provided Seller as full liquidated damages. In the event the purchase and sale contemplated in this Agreement is not consummated because of Buyer's default, Buyer hereby waives and releases any right to sue (and hereby covenants txxx covenxxxs that it shall not sue) Seller or Title Companx xo Xxxpany to recover the Deposit or any part thereof on the grounds that it is unreasonable in amount or that its retention by Seller is a penalty and not agreed upon and reasonable liquidated damages.

Default of Buyer. Buyer and Seller agree to indemnify and hold Title Company Escrow Holder harmless from and against any loss (including, without limitation, reasonable attorneys' fees) arising out of or incurred in connection with the release of the Deposit to Seller. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Buyer's default in its obligation to purchase the Property, and that retention of the Deposit is intended not as a penalty, but as full liquidated damages. The parties further acknowledge that the amount of the Deposit is a reasonable estimate by the parties of the amount of probable loss that Seller should be expected to suffer in the event the sale and purchase of the Property is not closed because of Buyer's default. Seller's right to retain the Deposit as full liquidated damages is Seller's sole and exclusive remedy in the event of default hereunder by Buyer with respect to its obligation to purchase the Property, and Seller hereby waives and releases any right to (and hereby covenants that it shall not) sue Buyer (i) for specifix xerformance specixxx performance of this Agreement or (ii) to prove that Seller's actual damages resulting from such default exceed the Deposit which is are hereby provided Seller as full liquidated damages. In the event the purchase and sale contemplated in this Agreement is not consummated because of Buyer's default, Buyer hereby waives and releases any right to sue (and hereby covenants txxx covxxxnts that it shall not sue) Seller or Title Companx xo Escrxx Holder to recover the Deposit or any part thereof on the grounds that it is unreasonable in amount or that its retention by Seller is a penalty and not agreed upon and reasonable liquidated damages. Notwithstanding anything in this Section 12.2 to the contrary, in the event of any default by Buyer hereunder other than in Buyer's obligations to purchase the Property, there shall be no liquidated damages with respect to such default, and Seller shall have all of its rights and remedies available at law or in equity with respect to such default.