Default of Purchaser. In the event Purchaser fails to perform its obligations pursuant to this Agreement for any reason except failure by Seller to perform hereunder or the permitted termination hereof by Purchaser or Seller in accordance with the express provisions hereof, Seller shall be entitled, as its sole remedy, to terminate this Agreement and recover the Xxxxxxx Money as liquidated damages and not as a penalty, in full satisfaction of claims against Purchaser hereunder. Seller and Purchaser agree that Seller’s damages resulting from Purchaser’s default are difficult, if not impossible, to determine and that the Xxxxxxx Money is a fair estimate of those damages which has been agreed to in an effort to cause the amount of said damages to be certain. In the event of Purchaser’s default and notwithstanding anything in this Section 6.1 to the contrary, Seller shall have all remedies available at law or in equity in the event Purchaser or any party related to or affiliated with Purchaser is asserting any claims or right to the Property that would otherwise delay or prevent Seller from having clear, indefeasible and marketable title to the Property.
Default of Purchaser. If the Purchaser fails to provide the Consideration at Completion or otherwise fails to comply with any of the terms of this Agreement then the Vendors in addition to any other right which may be conferred upon them pursuant to this Agreement or at law or at equity may:
(a) terminate the contract, declare the deposit forfeited and xxx for damages; or
(b) affirm the Contract and xxx the Purchaser for specific performance of the Contract and damages in addition to or instead of damages for breach.
Default of Purchaser. In the event Purchaser fails to perform its obligations pursuant to this Agreement for any reason except failure by Seller to perform hereunder or the permitted termination hereof by Purchaser or Seller in accordance with the express provisions hereof, Seller shall be entitled, as its sole remedy, to terminate this Agreement and recover the Xxxxxxx Money as liquidated damages and not as a penalty, in full satisfaction of claims against Purchaser hereunder. Seller and Purchaser agree that Seller’s damages resulting from Purchaser’s default are difficult, if not impossible, to determine and that the Xxxxxxx Money is a fair estimate of those damages which has been agreed to in an effort to cause the amount of said damages to be certain. Upon such payment of the Xxxxxxx Money, this Agreement shall terminate and neither party shall have any further rights or obligations pursuant to this Agreement, other than as set forth herein in the following sentence and with respect to rights or obligations which survive termination; all other remedies being herein expressly waived by Seller. In the event of Purchaser’s default and notwithstanding anything in this Section 6.1 to the contrary, Seller shall have all remedies available at law or in equity in the event Purchaser or any party related to or affiliated with Purchaser is asserting any claims or right to the Property that would otherwise delay or prevent Seller from having clear, indefeasible and marketable title to the Property.
Default of Purchaser. If City has fully performed all of City’s covenants and agreements contained in this Agreement and is otherwise prepared to deliver title to the Property as above set forth, and Purchaser thereafter fails to make the payment required under the terms of this Agreement or to conclude the sales transaction as above provided, City may, upon five (5) days prior written notice to Purchaser, cancel and terminate this Agreement or pursue any other remedy at law or in equity which City may have as a result of such breach by Purchaser.
Default of Purchaser. IN THE EVENT (A) ALL OF THE CONDITIONS TO THIS AGREEMENT SHALL HAVE BEEN SATISFIED OR WAIVED; (B) SELLER SHALL HAVE FULLY PERFORMED OR TENDERED PERFORMANCE OF ITS OBLIGATIONS HEREUNDER: (C) PURCHASER SHALL FAIL TO PERFORM ITS OBLIGATION HEREUNDER; AND (D) THE CLOSING SHALL FAIL TO OCCUR SOLELY AS A RESULT OF PURCHASER'S DEFAULT HEREUNDER, THEN, AS SELLER'S SOLE AND EXCLUSIVE REMEDY FOR PURCHASER'S FAILURE TO CLOSE, THE ENTIRE AMOUNT OF THE DEPOSIT (PLUS ALL INTEREST ACCRUED THEREON, IF ANY) SHALL BE IMMEDIATELY PAID TO SELLER. PURCHASER AND SELLER HEREBY ACKNOWLEDGE AND AGREE THAT SELLER'S DAMAGES WOULD BE DIFFICULT OR IMPOSSIBLE TO DETERMINE AND THE AMOUNT OF THE DEPOSIT (PLUS ALL INTEREST ACCRUED THEREON, IF ANY) IS THE PARTIES' BEST AND MOST ACCURATE ESTIMATE OF DAMAGES SELLER WOULD SUFFER IN THE EVENT THE TRANSACTION PROVIDED FOR IN THIS AGREEMENT FAILS TO CLOSE. PURCHASER AND SELLER AGREE THAT SELLER'S RIGHT TO RETAIN THE DEPOSIT (PLUS ALL INTEREST ACCRUED THEREON IF ANY) SHALL BE THE SOLE AND EXCLUSIVE REMEDY OF SELLER IN THE EVENT OF A BREACH OF THIS AGREEMENT BY PURCHASER AS PROVIDED ABOVE.
Default of Purchaser. In the event Purchaser fails to perform its material obligations pursuant to this Agreement (it being agreed by the parties that payment of the Purchase Price is a material obligation) for any reason except failure by Seller to perform hereunder or the permitted termination hereof by Purchaser or Seller in accordance with the express provisions hereof, Seller shall be entitled, as its sole remedy, to terminate this Agreement and recover the Xxxxxxx Money as liquidated damages and not as a penalty, in full satisfaction of claims against Purchaser hereunder. Seller and Purchaser agree that Seller’s damages resulting from Purchaser’s default are difficult, if not impossible, to determine and that the Xxxxxxx Money is a fair estimate of those damages which has been agreed to in an effort to cause the amount of said damages to be certain. In the event of Purchaser’s default and notwithstanding anything in this Section 6.1 to the contrary, Seller shall have all remedies available at law or in equity in the event Purchaser or any party related to or affiliated with Purchaser is asserting any claims or right to the Property that would otherwise delay or prevent Seller from having clear, indefeasible and marketable title to the Property.
Default of Purchaser. 10.1 Should the Purchaser fail to fulfil any of the Purchaser’s obligations under this agreement and fail to comply with the Purchasers obligations within 20 (TWENTY) business days after a letter has been handed to the Purchaser, or been sent by registered post to the Purchaser of his failure and calling upon him to fulfil his obligations in question then the Seller shall be entitled, without prejudice to any rights the Seller may have in law:
10.1.1 To claim immediate payment of all amounts owing under this Agreement which amounts shall be deemed to become due and payable forthwith; or
10.1.2 To cancel this sale, obtain immediate repossession of the Dwelling and to eject the Purchaser therefrom, and:
10.1.2.1 to retain as “rouwkoop” and/or as liquidated damages and compensation for occupation of the property by the Purchaser, all amounts paid by the Purchaser under this agreement, or in lieu of such payments, to retain and recover an amount equivalent to 10 % (Ten Per Centum) of the purchase price, whichever is the greater;
10.1.2.2 to recover from the Purchaser the actual damages sustained by the Seller by reason of the Purchaser’s default, and retain all amounts paid by the Purchaser pending the determination of such damages;
10.2 If the Seller elects to institute action for the balance of the purchase price or any other monies which may be owing, including the taking of a judgment against the Purchaser, it shall not thereby be debarred from cancelling this agreement if the judgment is not satisfied with 30 (THIRTY) days of it being granted;
10.3 Should the Purchaser purport to unilaterally cancel this agreement or should the Purchaser
10.4 If the agreement is cancelled, the Purchaser and all persons claiming a right to occupation through the Purchaser shall forthwith be obliged to vacate the Dwelling and to deliver it to the Seller. It is specifically hereby recorded in this regard that no lease or other right of occupation in favour of the Purchaser shall be created or come into existence by virtue of this agreement;
10.5 If, however, the Purchaser disputes the Seller’s right to cancel this agreement, then pending determination of such dispute, the Purchaser shall be obliged to continue to pay all amounts payable by him in terms of this agreement on the due dates thereof and the Seller shall be entitled to accept such payments without prejudice to his rights of cancellation as aforesaid. If such dispute is decided in the favour of the Seller, then suc...
Default of Purchaser. (a) In the event that the Purchaser has not delivered the Termination Notice by the Outside Date under Section 2.01, Section 2.02 or Section 2.03 hereof and if the Purchaser fails to (1) consummate the purchase of the Project on the Closing Date, (2) deliver the Letter of Credit on the Closing Date, or (3) fully pay and perform all of the Purchaser's covenants, agreements, or obligations hereunder, or breaches any of its representations and warranties hereunder, then the Purchaser agrees that the Seller shall have the right to cancel the Purchaser's rights to purchase the Project under this Agreement on not less than fifteen (15) days' prior written notice to the Purchaser and, unless the Purchaser cures such default within said fifteen (15) day period or the Seller is in default hereunder, the Seller shall be entitled to be paid and retain the entire Xxxxxxx Money Deposit and any interest earned thereon (or an amount equal to the Xxxxxxx Money Deposit and all interest thereon if for any reason the actual Xxxxxxx Money Deposit and all interest thereon is not available to be immediately payable to the Seller) for reimbursement of a portion of the Seller's out-of-pocket costs incurred in connection with this Agreement and the transactions contemplated hereunder and the economic loss of taking the Project off the market. A default by the Purchaser under this Agreement is herein sometimes referred to as a "Purchaser's Default".
(b) In addition, the Purchaser understands and agrees that if its rights to purchase the Project hereunder have been terminated, nothing herein shall discharge or relieve the Purchaser from paying all of the fees, costs and other expenses which it is required to pay hereunder, and nothing herein shall discharge or relieve it from its obligations under Section 2.03(c) and Sections 2.04, 2.05 and 2.07 hereof.
Default of Purchaser. If either Purchaser defaults in its obligations to purchase Securities hereunder on either the First Closing Date or any Optional Closing Date and arrangements satisfactory to the other Purchaser and the Company for the purchase of such Offered Securities by other persons are not made within 36 hours after such default, this Agreement will terminate without liability on the part of the non-defaulting Purchaser or the Company, except as provided in Section 9 (provided that if such default occurs with respect to Optional Securities after the First Closing Date, this Agreement shall not terminate as to the Firm Securities or any Optional Securities purchased prior to such termination). As used in this Agreement, the term “Purchaser” includes any person substituted for a Purchaser under this Section. Nothing herein will relieve a defaulting Purchaser from liability for its default.
Default of Purchaser. In addition to any other remedies available to the Vendor in law, the Deposit paid under this Agreement shall be forfeited to the Vendor if the Purchaser should default hereunder or fail to complete his transaction as agreed upon and in addition, the Vendor shall be entitled to reimbursement by the Purchaser forthwith for all costs and expenses incurred by the Vendor under the provision of this Agreement or in paying off any lien, execution or encumbrance in order to obtain any mortgage advance and the Vendor shall also have the right, but not the obligation, to declare this Agreement null and void.
