Common use of Liquidated Damages for Noncompliant Transfers Clause in Contracts

Liquidated Damages for Noncompliant Transfers. The parties acknowledge and agree that in the event that an Owner Transfers a Unit in violation of this Restriction, the determination of actual monetary damages to YVHA would be difficult to ascertain. Therefore, YVHA and Owner hereby agree that liquidated damages shall be calculated and applied in the event an Owner Transfer a Unit in violation of this Restriction. The amount of liquidated damages shall be the amount of consideration given to Owner in relation to the Transfer, less the then applicable Maximum Purchase Price. In the event of a transfer or conveyance of a Unit which violates the terms of this Restriction, both the grantor and grantee shall be jointly and severally liable for any damages and costs due under this Agreement. The foregoing is in addition to any other relief or remedy YVHA may have be entitled to, either pursuant to this Restriction, under the laws of the State of Colorado or otherwise, and shall not preclude YVHA from enforcing this Restriction against any Non-Qualified Transferee who acquired title to a Unit in violation of this Restriction.

Appears in 2 contracts

Samples: Community Affordability Agreement, Community Affordability Agreement

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Liquidated Damages for Noncompliant Transfers. The parties acknowledge and agree that in the event that an Owner Transfers a Unit in violation of this Restriction, the determination of actual monetary damages to YVHA would be difficult to ascertain. Therefore, YVHA and Owner hereby agree that liquidated damages shall be calculated and applied in the event an Owner Transfer a Unit in violation of this Restriction. The amount of liquidated damages shall be the amount of consideration given to Owner in relation to the Transfer, less the then applicable Maximum Purchase Price. In the event of a transfer or conveyance of a Unit which violates the terms of this Restriction, both the grantor and grantee shall be jointly and severally liable for any damages and costs due under this Agreement. The foregoing is in addition to any other relief or remedy YVHA may have be entitled to, either pursuant to this Restriction, under the laws of the State of Colorado or otherwise, and shall not preclude YVHA from enforcing this Restriction against any Non-Qualified Transferee who acquired title to a Unit in violation of this Restriction.

Appears in 1 contract

Samples: Residential Housing Restrictive Covenant

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Liquidated Damages for Noncompliant Transfers. The parties acknowledge and agree that in the event that an Owner Transfers a Unit in violation of this Restriction, the determination of actual monetary damages to YVHA would be difficult to ascertain. Therefore, YVHA and Owner hereby agree that liquidated damages shall be calculated and applied in the event an Owner Transfer a Unit in violation of this Restriction. The amount of liquidated damages shall be the greater of: i) the amount of consideration given to Owner in relation to the Transfer, less the then applicable Maximum Purchase Price, or (ii) 10% of the Purchase Price. In the event of a transfer or conveyance of a Unit which violates the terms of this Restriction, both the grantor and grantee shall be jointly and severally liable for any damages and costs due under this Agreement. The foregoing is in addition to any other relief or remedy YVHA may have be entitled to, either pursuant to this Restriction, under the laws of the State of Colorado or otherwise, and shall not preclude YVHA from enforcing this Restriction against any Non-Qualified Transferee who acquired title to a Unit in violation of this Restriction.

Appears in 1 contract

Samples: Deed Restriction

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