Defaults and Failure to Close. (a) Default by the Seller. If the close of escrow and the consummation of this transaction herein contemplated does not occur by reason of any default by Seller, the Buyer shall be entitled to either (i) sue for specific performance of Seller’s obligations under this Agreement or (ii) terminate this Agreement on written notice to Seller, in which case Seller shall be required to reimburse Buyer for its actual out of pocket costs and expenses incurred in connection with the transaction prior to the date of termination, including but not limited to Xxxxx’s interest in the xxxxxxx money deposit made under the Green Light/Hospital Purchase Agreement, up to a maximum of One Hundred Seventy Five Thousand Dollars ($175,000); provided, however, if Buyer has not commenced an action for specific performance within forty-five (45) days of first becoming aware of the Seller’s default, Buyer shall be deemed to have elected the remedy in clause (ii).
Defaults and Failure to Close
