Common use of NON-PERFORMANCE AND REMEDIES Clause in Contracts

NON-PERFORMANCE AND REMEDIES. If each and every warranty and representation ---------------------------- of Seller herein contained shall not be true, complete, correct and accurate in all respects as of either the date hereof or as of the date of the Close of Escrow, or if Seller shall have failed to perform each and every term and condition hereof required to be so performed by it either on or before the Close of Escrow, Buyer may elect to either seek a return of the Xxxxxx Money Deposit(s) or xxx for specific performance so long as said suit for specific performance is filed within ninety (90) days of Seller's default. In the event Buyer defaults upon any of Buyer's obligation herein, after the satisfaction of the contingencies described in paragraph 3.1, 3.2, 3.3, and 3.4 above, Buyer acknowledges that the damages suffered by Seller thereby will be difficult to ascertain with certainty. Therefore, Buyer and Seller agree that in the event of any default by Buyer, after the satisfaction of the contingencies the sum of Fifty Thousand Dollars ($50,000), is a good faith estimate of such damages and said sum shall be promptly paid to Seller as and for liquidated damages and the balance of the xxxxxxx money deposit shall be promptly refunded to Buyer and Buyer shall take all steps reasonably required to release any of said sums then on deposit in escrow from escrow. Seller hereby agrees to accept the sum of Fifty Thousand Dollars ($50,000), in lieu of all claims for damages and claims to specific performance that seller may have against Buyer.