Common use of LIQUIDATED DAMAGES PROVISION Clause in Contracts

LIQUIDATED DAMAGES PROVISION. If the transaction described in this Addendum fails to close strictly in accordance with the terms of the Contract and this Addendum because of the failure or default of Buyer in the performance of Buyer’s obligation described herein, the Buyer’s xxxxxxx money deposit and any additional deposits shall be delivered to or retained by Seller as Seller’s sole remedy and right to damages. Seller shall notify any title company, escrow agent or broker which may be holding any such xxxxxxx money or additional deposits in writing of such failure or default. Upon such notice, the person holding such funds shall act without any further instruction by any party and is hereby irrevocably instructed to act on such notice or request, and to deliver the xxxxxxx money deposit and any additional deposits to Seller without any further notice or consent from Buyer. The parties agree that Seller’s actual damages, in the event of the default of Buyer, would be difficult or impossible to determine. Therefore, said deposit has been agreed upon after negotiations, as the parties’ best estimate of Seller’s actual damages. Seller’s Initials Buyer’s Initials

LIQUIDATED DAMAGES PROVISION. If the transaction described in this Addendum Contract fails to close strictly in accordance with the terms of the said Contract and this Addendum because of the failure or default of Buyer in the performance of Buyer’s obligation described hereinin accordance with said Contract, the Buyer’s xxxxxxx money deposit and any additional deposits shall be delivered to or retained by Seller as Seller’s sole remedy and right to damages. Seller shall notify any title companyTitle Company, escrow agent Escrow Agent or broker Broker which may be holding any such xxxxxxx money or additional deposits in writing of such failure or default. Upon such notice, default by Buyer and the person holding such funds shall act without any further instruction by any party and is hereby irrevocably instructed to act on such notice or request, request and to shall deliver the xxxxxxx money deposit and any additional deposits to Seller without any further notice or consent from Buyer. The parties agree that SellerXxxxxx’s actual damages, in the event of the default of Buyer, would be difficult or impossible to determine. Therefore, said deposit has been agreed upon after negotiations, as the parties’ best estimate of Seller’s actual damages. Seller’s Initials Buyer’s Initials.

LIQUIDATED DAMAGES PROVISION. If the transaction described in this Addendum fails to close strictly in accordance with the terms of the Contract and this Addendum because of the failure or default of Buyer in the performance of Buyer’s obligation described herein, the Buyer’s xxxxxxx money deposit and any additional deposits shall be delivered to or retained by Seller as Seller’s sole remedy and right to damages. Seller shall notify any title company, escrow agent or broker which may be holding any such xxxxxxx money or additional deposits in writing of such failure or default. Upon such notice, the person holding such funds shall act without any further instruction by any party and is hereby irrevocably instructed to act on such notice or request, and to deliver the xxxxxxx money deposit and any additional deposits to Seller without any further notice or consent from Buyer. The parties agree that SellerXxxxxx’s actual damages, in the event of the default of Buyer, would be difficult or impossible to determine. Therefore, said deposit has been agreed upon after negotiations, as the parties’ best estimate of Seller’s actual damages. Seller’s Initials Buyer’s Initials