Common use of Liquidated Damages to Seller Clause in Contracts

Liquidated Damages to Seller. If all of the conditions to Closing for Buyer's benefit have either been satisfied or waived by Buyer by the Closing Date, and the purchase and sale of the Property described herein fails to close due to default by Buyer, it is agreed that the amounts released from Escrow to Seller under this Agreement ("Released Amount") shall be retained and accepted by Seller as liquidated damages and not as a penalty and Seller shall be released from its obligation to sell the Property to Buyer, and Buyer shall be released from its obligation to purchase the Property. It is agreed that the Released Amount constitutes a reasonable estimate of the damages to Seller. Buyer and Seller agree that it is impossible or impractical presently to predict what monetary damages Seller would suffer in such event. Buyer desires to limit the monetary damages for which Buyer might be liable hereunder and Buyer and Seller desire to avoid the costs and delays they would incur if a lawsuit were commenced to collect damages and therefore agree that the liquidated damages provided hereunder shall constitute Seller's sole and exclusive remedy hereunder. By the act of an authorized representative of each party affixing its initials herein, each party specifically confirms the accuracy of the above statements and its agreement with them. /s/ P.W. /s/ L.J.Y. Seller's Initials Buyer's Initials

Liquidated Damages to Seller. If all of the conditions to Closing for Buyer's benefit have either been satisfied or waived by Buyer by the Closing Date, and the purchase and sale of the Property described herein fails to close due to default by Buyer, it is agreed that the amounts released from Escrow to Seller under this Agreement ("Released Amount") shall be retained and accepted by Seller as liquidated damages and not as a penalty and Seller shall be released from its obligation to sell the Property to Buyer, and Buyer shall be released from its obligation to purchase the Property. It is agreed that the Released Amount constitutes a reasonable estimate of the damages to Seller. Buyer and Seller agree that it is impossible or impractical presently to predict what monetary damages Seller would suffer in such event. Buyer desires to limit the monetary damages for which Buyer might be liable hereunder and Buyer and Seller desire to avoid the costs and delays they would incur if a lawsuit were commenced to collect damages and therefore agree that the liquidated damages provided hereunder shall constitute Seller's sole and exclusive remedy hereunder. By the act of an authorized representative of each party affixing its initials herein, each party specifically confirms the accuracy of the above statements and its agreement with them. /s/ P.W. /s/ L.J.Y. L.J.Y Seller's Initials Buyer's Initials