Disposition of the Deposit. The Deposit shall be applied as follows: (a) If Closing is held, the Deposit then held by Escrow Agent shall be paid to the Seller and shall be credited towards the Purchase Price. (b) If Closing is not held by reason of Buyer's default, the Deposit then held by Escrow Agent shall be paid to the Seller as Seller's sole and exclusive remedy, as liquidated damages in satisfaction of all remedies against Buyer which Seller would otherwise have available at law or in equity. (c) If this Agreement is terminated due to a default hereunder by Seller or if this Agreement is terminated by Buyer pursuant to any right to so terminate, the Deposit then held by Escrow Agent shall be paid to Buyer.
Appears in 5 contracts
Samples: Agreement of Sale (Krupp Realty LTD Partnership Vii), Agreement of Sale (Krupp Cash Plus v Limited Partnership), Agreement of Sale (Krupp Institutional Mortgage Fund LTD Partnership)
