Failure to Harvest Timber Sample Clauses

Failure to Harvest Timber. If Buyer fails or refuses to cut and remove all of the Timber within the term specified in Section 4 (as the same may be extended by Section 2.7 of the Master Stumpage Agreement), Buyer shall pay to Seller a sum of money equal to thirty percent (30%) of the Base Price of the unharvested Timber. The volume of the unharvested Timber by species and products shall be determined by timber cruise performed by Seller or Seller’s agent. The amount so determined to be due from Buyer shall be due immediately. Buyer shall pay any amounts due hereunder promptly upon demand by Seller. It is expressly covenanted and agreed that the amount required to be paid by Buyer to Seller under this Section 5 is a reasonable estimate of the probable damages to be suffered by Seller as a result of the failure by Buyer to cut and remove any of the Timber, and it shall not be construed as or be held to be in the nature of a penalty.
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Related to Failure to Harvest Timber

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