Common use of NOTICE TO COMPLETE AND REMEDIES ON DEFAULT Clause in Contracts

NOTICE TO COMPLETE AND REMEDIES ON DEFAULT. 13.1 If the sale is not settled on the Settlement Date either party may at any time thereafter serve on the other party notice (“a Settlement Notice”) to settle in accordance with this clause, but the Settlement Notice shall be effective only if the party serving it is at the time of service either in all material respects ready, able and willing to proceed to settle in accordance with the notice or is not so ready, able and willing to settle only by reason of the default or omission of the other party. 13.2 If the Purchaser is in possession a Settlement Notice may incorporate or be given with a notice under Section 28 and complying with Section 29 of the Property Law Xxx 0000 and must be served in accordance with Section 353 of that Act. 13.3 Upon service of a Settlement Notice the party on whom the notice is served shall settle: (a) on or before the twelfth working day after the date of service of the notice; or (b) on the first working day after the 13th day of January, if the period of twelve working days expires during the period commencing on the 6th day of January and ending on the 13th day of January both days inclusive time being of the essence, both without prejudice to any intermediate right of cancellation by either party. 13.4 If this agreement provides for the payment of the purchase price by instalments and the Purchaser fails duly and punctually to pay any instalment on or within one month from the date on which it fell due for payment then, whether or not the Purchaser is in possession, the Vendor may: (a) immediately give notice to the Purchaser calling up the unpaid balance of the purchase price, which shall upon service of the notice fall immediately due and payable; (b) the date of service of the notice under this sub-clause shall be deemed the settlement date for the purposes of sub-clause 13.1; (c) the Vendor may give a settlement notice with a notice under this sub-clause; 13.5 If the Purchaser does not comply with the terms of a Settlement Notice served by the Vendor and/or a notice served pursuant to clause 13.2 then: (a) without prejudice to any other rights or remedies available to the Vendor at law or in equity the Vendor may: (i) xxx the Purchaser for specific performance; or (ii) cancel this Agreement by notice and pursue either or both of the following remedies namely: A. forfeit and retain for the Vendor’s own benefit the deposit paid by the Purchaser, but not exceeding in all twenty percent (20%) of the purchase price and/or; B. xxx the Purchaser and/or guarantor(s) for damages. (b) where the Vendor is entitled to cancel this Agreement the entry by the Vendor into a conditional or unconditional agreement for the resale of the property or any part thereof shall take effect as a cancellation of this Agreement by the Vendor if this Agreement has not previously been cancelled and such resale shall be deemed to have occurred after cancellation. (c) the damages claimable by the Vendor under sub-clause 13.5(a)(ii)(a)(ii)A. shall include all damages claimable at common law or in equity and shall also include (but shall not be limited to) any loss incurred by the Vendor on any bona fide resale contracted within one year from the date by which the Purchaser should have settled in compliance with the Settlement Notice. The amount of that loss may include: (i) interest on the unpaid portion of the purchase price at the Penalty Interest Rate from the Settlement Date to the settlement of such resale; and (ii) all costs and expenses reasonably incurred in any resale or attempted resale; and (iii) all outgoings (other than interest) on or maintenance expenses in respect of the lot from the Settlement Date to the settlement of such resale. (d) any surplus money arising from a resale as aforesaid shall be retained by the Vendor. 13.6 If the Vendor does not comply with the terms of a Settlement Notice served by the Purchaser then without prejudice to any other rights or remedies available to the Purchaser at law or in equity the Purchaser may: (a) xxx the Vendor for specific performance; or (b) cancel this Agreement by notice and require the Vendor forthwith to repay to the Purchaser any deposit and any other money paid on account of the purchase price and interest on such sum(s) at the interest rate for late settlement from the date or dates of payment by the Purchaser until repayment. 13.7 The party serving a Settlement Notice and/or another Settlement Notice pursuant to clause 13.4 may extend the term of the notice for one (1) or more specifically stated periods of time and thereupon the term of the Settlement Notice shall be deemed to expire on the last day of the extended period or periods and it shall operate as though this clause stipulated the extended period(s) of notice in lieu of the period otherwise applicable; and time shall be of the essence accordingly. An extension may be given either before or after the expiry of the period of the notice. 13.8 Should the Purchaser fail to pay any instalments, then the Vendor may: (a) pursue the Purchaser for the payment of the instalment in default and the unpaid balance of the purchase price, in which case the following shall apply: (i) the Purchaser will pay all of the Vendor’s legal costs and disbursements relating to the recovery of such instalments; and (ii) the Purchaser will pay the Vendor such additional amount as may be reasonably incurred by the Vendor as a result of such default, including but not by way of limitation, penalty interest and administrative and other costs. (b) xxx the Purchaser; (c) cancel this Agreement. 13.9 In the event that the Purchaser does default in the payment of any instalment, it is agreed that the Purchaser shall on demand being made by the Vendor pay to the Vendor such amount as the Vendor may set not exceeding $2,000 by way of liquidated damages for that default. 13.10 Should the Purchaser default on settlement and the agreement subsequently be validly cancelled by the Vendor, then (without prejudice to the Vendor’s other rights, power and remedies), the ownership of all improvements effected on the property by the Purchaser will vest in the Vendor (and remain under the ownership of the Vendor). No compensation will be payable to the Purchaser for such improvements under this agreement. 13.11 In any event where the Vendor is unable to provide documents to the Purchaser on settlement, that inability being caused by or contributed to by the Purchaser either by delay or failing to observe the terms of this Agreement, then the following shall apply: (a) the Purchaser will pay the amount to settle to the Vendor in full and, (subject to the Vendor providing an undertaking to provide the settlement documents in usual form in due course) those settlement funds can be released to the Vendor, or, at the Vendor’s discretion; (b) the Purchaser will pay interest at the default rate on the amount required to settle from the date for settlement until the date settlement occurs notwithstanding that the settlement documents were not available on the date for settlement; and/or (c) the Purchaser will pay liquidated damages of $250.00 per day for each day from and including the date for settlement until the date settlement is achieved. 13.12 Nothing in this clause shall preclude a party from suing for specific performance without giving a Settlement Notice. 13.13 A party who serves a Settlement Notice under this clause shall not be in breach of any essential term by reason only of that party’s failure to be ready and able to settle upon the expiry of that notice.

NOTICE TO COMPLETE AND REMEDIES ON DEFAULT. 13.1 8.1 If the sale is not settled on the Settlement Date possession date either party may at any time thereafter (unless the contract has first been cancelled or become void) serve on the other party notice in writing (“hereinafter called a Settlement Notice”settlement notice) to settle in accordance with this clause, ; but the Settlement Notice notice shall be effective only if the party serving it is at the time of service either in all material respects ready, ready able and willing to proceed to settle in accordance with the notice or is not so ready, ready able and willing to settle only by reason of the default or omission of the other party. 13.2 party to the contract. If the Purchaser purchaser is in possession a Settlement Notice settlement notice may incorporate or be given with a notice under Section 28 and complying with Section 29 section 50 of the Property Law Xxx 0000 and must be served in accordance with Section 353 of that Act.Act 1952. R.I R0235751.01 DEED OF SETTLEMENT: ATTACHMENT 4.4 4.4-11 13.3 8.2 Upon service of a Settlement Notice settlement notice the party on whom the notice is served shall settle: (a) on or before the twelfth working day settle within 12 Business Days after the date of service of the notice; or notice (b) on excluding the first working day after the 13th day of January, if service) and in respect of that period time shall be of the period essence but without prejudice to any intermediate right of twelve working days expires during cancellation by either party. If the period commencing on settlement notice is served between the 6th day of December and the 20th day o f January and ending next following then (unless the notice expires before the 24th day of December in that period) the party on whom the notice is served shall settle within 12 Business Days after the date of service of the notice (excluding the day of service) or on the 13th 1st Business Day after the 20th day of January both days inclusive next following the date o f service (whichever is the later) time being of the essence, both but without prejudice to any intermediate right of cancellation by either party. 13.4 If this agreement provides for the payment of the purchase price by instalments and the Purchaser fails duly and punctually to pay any instalment on or within one month from the date on which it fell due for payment then, whether or not the Purchaser is in possession, the Vendor may: (a) immediately give notice to the Purchaser calling up the unpaid balance of the purchase price, which shall upon service of the notice fall immediately due and payable; (b) the date of service of the notice under this sub-clause shall be deemed the settlement date for the purposes of sub-clause 13.1; (c) the Vendor may give a settlement notice with a notice under this sub-clause; 13.5 8.3 If the Purchaser purchaser does not comply with the terms of a Settlement Notice the settlement notice served by the Vendor and/or a notice served pursuant to clause 13.2 vendor then: (a) 8.3.1 without prejudice to any other rights or remedies available to the Vendor vendor at law or in equity the Vendor vendor may: (ia) xxx sue the Purchaser purchaser for specific performance; or (iib) cancel this Agreement by notice the contract and pursue either or both of sue the following remedies namely: A. forfeit and retain purchaser for the Vendor’s own benefit the deposit paid by the Purchaser, but not exceeding in all twenty percent (20%) of the purchase price and/ordamages; B. xxx the Purchaser and/or guarantor(s) for damages. (b) 8.3.2 where the Vendor a vendor is entitled to cancel this Agreement the contract the entry by the Vendor vendor into a conditional or unconditional agreement contract for the resale of the property or any part thereof by the vendor shall take effect as a cancellation of this Agreement the contract by the Vendor vendor if this Agreement the contract has not previously been cancelled and such resale shall be deemed to have occurred after cancellation.; (c) 8.3.3 the damages claimable by the Vendor vendor under sub-clause 13.5(a)(ii)(a)(ii)A. shall include all damages claimable at common law or in equity and shall also include (but shall not be limited to) any loss incurred by the Vendor on any bona fide resale contracted within one year from the date by which the Purchaser should have settled in compliance with the Settlement Notice. The amount of that loss may include: (i) interest on the unpaid portion of the purchase price at the Penalty Interest Rate from the Settlement Date to the settlement of such resale; and (ii) all costs and expenses reasonably incurred in any resale or attempted resale; and (iii) all outgoings (other than interest) on or maintenance expenses in respect of the lot from the Settlement Date to the settlement of such resale. (d) any surplus money arising from a resale as aforesaid shall be retained by the Vendor. 13.6 If the Vendor does not comply with the terms of a Settlement Notice served by the Purchaser then without prejudice to any other rights or remedies available to the Purchaser at law or in equity the Purchaser may: (a) xxx the Vendor for specific performance; or (b) cancel this Agreement by notice and require the Vendor forthwith to repay to the Purchaser any deposit and any other money paid on account of the purchase price and interest on such sum(s) at the interest rate for late settlement from the date or dates of payment by the Purchaser until repayment. 13.7 The party serving a Settlement Notice and/or another Settlement Notice pursuant to clause 13.4 may extend the term of the notice for one (1) or more specifically stated periods of time and thereupon the term of the Settlement Notice shall be deemed to expire on the last day of the extended period or periods and it shall operate as though this clause stipulated the extended period(s) of notice in lieu of the period otherwise applicable; and time shall be of the essence accordingly. An extension may be given either before or after the expiry of the period of the notice. 13.8 Should the Purchaser fail to pay any instalments, then the Vendor may: (a) pursue the Purchaser for the payment of the instalment in default and the unpaid balance of the purchase price, in which case the following shall apply: (i) the Purchaser will pay all of the Vendor’s legal costs and disbursements relating to the recovery of such instalments; and (ii) the Purchaser will pay the Vendor such additional amount as may be reasonably incurred by the Vendor as a result of such default, including but not by way of limitation, penalty interest and administrative and other costs. (b) xxx the Purchaser; (c) cancel this Agreement. 13.9 In the event that the Purchaser does default in the payment of any instalment, it is agreed that the Purchaser shall on demand being made by the Vendor pay to the Vendor such amount as the Vendor may set not exceeding $2,000 by way of liquidated damages for that default. 13.10 Should the Purchaser default on settlement and the agreement subsequently be validly cancelled by the Vendor, then (without prejudice to the Vendor’s other rights, power and remedies), the ownership of all improvements effected on the property by the Purchaser will vest in the Vendor (and remain under the ownership of the Vendor). No compensation will be payable to the Purchaser for such improvements under this agreement. 13.11 In any event where the Vendor is unable to provide documents to the Purchaser on settlement, that inability being caused by or contributed to by the Purchaser either by delay or failing to observe the terms of this Agreement, then the following shall apply: (a) the Purchaser will pay the amount to settle to the Vendor in full and, (subject to the Vendor providing an undertaking to provide the settlement documents in usual form in due course) those settlement funds can be released to the Vendor, or, at the Vendor’s discretion; (b) the Purchaser will pay interest at the default rate on the amount required to settle from the date for settlement until the date settlement occurs notwithstanding that the settlement documents were not available on the date for settlement; and/or (c) the Purchaser will pay liquidated damages of $250.00 per day for each day from and including the date for settlement until the date settlement is achieved. 13.12 Nothing in this clause shall preclude a party from suing for specific performance without giving a Settlement Notice. 13.13 A party who serves a Settlement Notice under this clause shall not be in breach of any essential term by reason only of that party’s failure to be ready and able to settle upon the expiry of that notice.paragraph 8.3.1

NOTICE TO COMPLETE AND REMEDIES ON DEFAULT. 13.1 If the sale is not settled on the Settlement Date either party may at any time thereafter serve on the other party notice (“a Settlement Notice”) to settle in accordance with this clause, but the Settlement Notice shall be effective only if the party serving it is at the time of service either in all material respects ready, able and willing to proceed to settle in accordance with the notice or is not so ready, able and willing to settle only by reason of the default or omission of the other party. 13.2 If the Purchaser is in possession a Settlement Notice may incorporate or be given with a notice under Section 28 and complying with Section 29 of the Property Law Xxx 0000 and must be served in accordance with Section 353 of that Act. 13.3 Upon service of a Settlement Notice the party on whom the notice is served shall settle: (a) on On or before the twelfth working day after the date of service of the notice; or (b) on On the first working day after the 13th day of January, if the period of twelve working days expires during the period commencing on the 6th day of January and ending on the 13th day of January both days inclusive time being of the essence, both without prejudice to any intermediate right of cancellation by either party. 13.4 If this agreement provides for the payment of the purchase price by instalments and the Purchaser fails duly and punctually to pay any instalment on or within one month from the date on which it fell due for payment then, whether or not the Purchaser is in possession, the Vendor may: (a) immediately Immediately give notice to the Purchaser calling up the unpaid balance of the purchase price, which shall upon service of the notice fall immediately due and payable; (b) the The date of service of the notice under this sub-clause shall be deemed the settlement date for the purposes of sub-sub- clause 13.1; (c) the The Vendor may give a settlement notice with a notice under this sub-clause; 13.5 If the Purchaser does not comply with the terms of a Settlement Notice served by the Vendor and/or a notice served pursuant to clause 13.2 then: (a) without Without prejudice to any other rights or remedies available to the Vendor at law or in equity the Vendor may: (i) xxx Xxx the Purchaser for specific performance; or (ii) cancel Cancel this Agreement by notice and pursue either or both of the following remedies namely: A. forfeit Forfeit and retain for the Vendor’s own benefit the deposit paid by the Purchaser, but not exceeding in all twenty percent (20%) of the purchase price and/or; B. xxx Xxx the Purchaser and/or guarantor(s) for damages. (b) where Where the Vendor is entitled to cancel this Agreement the entry by the Vendor into a conditional or unconditional agreement for the resale of the property or any part thereof shall take effect as a cancellation of this Agreement by the Vendor if this Agreement has not previously been cancelled and such resale shall be deemed to have occurred after cancellation. (c) the The damages claimable by the Vendor under sub-clause 13.5(a)(ii)(a)(ii)A. shall include all damages claimable at common law or in equity and shall also include (but shall not be limited to) any loss incurred by the Vendor on any bona fide resale contracted within one year from the date by which the Purchaser should have settled in compliance with the Settlement Notice. The amount of that loss may include: (i) interest Interest on the unpaid portion of the purchase price at the Penalty Interest Rate from the Settlement Date to the settlement of such resale; and (ii) all All costs and expenses reasonably incurred in any resale or attempted resale; and (iii) all All outgoings (other than interest) on or maintenance expenses in respect of the lot from the Settlement Date to the settlement of such resale. (d) any Any surplus money arising from a resale as aforesaid shall be retained by the Vendor. 13.6 If the Vendor does not comply with the terms of a Settlement Notice served by the Purchaser then without prejudice to any other rights or remedies available to the Purchaser at law or in equity the Purchaser may: (a) xxx Xxx the Vendor for specific performance; or (b) cancel Cancel this Agreement by notice and require the Vendor forthwith to repay to the Purchaser any deposit and any other money paid on account of the purchase price and interest on such sum(s) at the interest rate for late settlement from the date or dates of payment by the Purchaser until repayment. 13.7 The party serving a Settlement Notice and/or another Settlement Notice pursuant to clause 13.4 may extend the term of the notice for one (1) or more specifically stated periods of time and thereupon the term of the Settlement Notice shall be deemed to expire on the last day of the extended period or periods and it shall operate as though this clause stipulated the extended period(s) of notice in lieu of the period otherwise applicable; and time shall be of the essence accordingly. An extension may be given either before or after the expiry of the period of the notice. 13.8 Should the Purchaser fail to pay any instalments, then the Vendor may: (a) pursue Pursue the Purchaser for the payment of the instalment in default and the unpaid balance of the purchase price, in which case the following shall apply: (i) the The Purchaser will pay all of the Vendor’s legal costs and disbursements relating to the recovery of such instalments; and (ii) the The Purchaser will pay the Vendor such additional amount as may be reasonably incurred by the Vendor as a result of such default, including but not by way of limitation, penalty interest and administrative and other costs. (b) xxx Xxx the Purchaser; (c) cancel Cancel this Agreement. 13.9 In the event that the Purchaser does default in the payment of any instalment, it is agreed that the Purchaser shall on demand being made by the Vendor pay to the Vendor such amount as the Vendor may set not exceeding $2,000 by way of liquidated damages for that default. 13.10 Should the Purchaser default on settlement and the agreement subsequently be validly cancelled by the Vendor, then (without prejudice to the Vendor’s other rights, power and remedies), the ownership of all improvements effected on the property by the Purchaser will vest in the Vendor (and remain under the ownership of the Vendor). No compensation will be payable to the Purchaser for such improvements under this agreement. 13.11 In any event where the Vendor is unable to provide documents to the Purchaser on settlement, that inability being caused by or contributed to by the Purchaser either by delay or failing to observe the terms of this Agreement, then the following shall apply: (a) the The Purchaser will pay the amount to settle to the Vendor in full and, (subject to the Vendor providing an undertaking to provide the settlement documents in usual form in due course) those settlement funds can be released to the Vendor, or, at the Vendor’s discretion; (b) the The Purchaser will pay interest at the default rate on the amount required to settle from the date for settlement until the date settlement occurs notwithstanding that the settlement documents were not available on the date for settlement; and/or (c) the The Purchaser will pay liquidated damages of $250.00 per day for each day from and including the date for settlement until the date settlement is achieved. 13.12 Nothing in this clause shall preclude a party from suing for specific performance without giving a Settlement Notice. 13.13 A party who serves a Settlement Notice under this clause shall not be in breach of any essential term by reason only of that party’s failure to be ready and able to settle upon the expiry of that notice.

NOTICE TO COMPLETE AND REMEDIES ON DEFAULT. 13.1 If the sale is not settled on the Settlement Date either party may at any time thereafter serve on the other party notice (“a Settlement Notice”) to settle in accordance with this clause, but the Settlement Notice shall be effective only if the party serving it is at the time of service either in all material respects ready, able and willing to proceed to settle in accordance with the notice or is not so ready, able and willing to settle only by reason of the default or omission of the other party. 13.2 If the Purchaser is in possession a Settlement Notice may incorporate or be given with a notice under Section 28 and complying with Section 29 of the Property Law Xxx 0000 and must be served in accordance with Section 353 of that Act. 13.3 Upon service of a Settlement Notice the party on whom the notice is served shall settle: (a) on On or before the twelfth working day after the date of service of the notice; or (b) on On the first working day after the 13th day of January, if the period of twelve working days expires during the period commencing on the 6th day of January and ending on the 13th day of January both days inclusive time being of the essence, both without prejudice to any intermediate right of cancellation by either party. 13.4 If this agreement provides for the payment of the purchase price by instalments and the Purchaser fails duly and punctually to pay any instalment on or within one month from the date on which it fell due for payment then, whether or not the Purchaser is in possession, the Vendor may: (a) immediately Immediately give notice to the Purchaser calling up the unpaid balance of the purchase price, which shall upon service of the notice fall immediately due and payable; (b) the The date of service of the notice under this sub-clause shall be deemed the settlement date for the purposes of sub-sub- clause 13.1; (c) the The Vendor may give a settlement notice with a notice under this sub-clause; 13.5 If the Purchaser does not comply with the terms of a Settlement Notice served by the Vendor and/or a notice served pursuant to clause 13.2 then: (a) without Without prejudice to any other rights or remedies available to the Vendor at law or in equity the Vendor may: (i) xxx Sue the Purchaser for specific performance; or (ii) cancel Cancel this Agreement by notice and pursue either or both of the following remedies namely: A. forfeit X. Xxxxxxx and retain for the Vendor’s own benefit the deposit paid by the Purchaser, but not exceeding in all twenty percent (20%) of the purchase price and/or; B. xxx Sue the Purchaser and/or guarantor(s) for damages. (b) where Where the Vendor is entitled to cancel this Agreement the entry by the Vendor into a conditional or unconditional agreement for the resale of the property or any part thereof shall take effect as a cancellation of this Agreement by the Vendor if this Agreement has not previously been cancelled and such resale shall be deemed to have occurred after cancellation. (c) the The damages claimable by the Vendor under sub-clause 13.5(a)(ii)(a)(ii)A. shall include all damages claimable at common law or in equity and shall also include (but shall not be limited to) any loss incurred by the Vendor on any bona fide resale contracted within one year from the date by which the Purchaser should have settled in compliance with the Settlement Notice. The amount of that loss may include: (i) interest Interest on the unpaid portion of the purchase price at the Penalty Interest Rate from the Settlement Date to the settlement of such resale; and (ii) all All costs and expenses reasonably incurred in any resale or attempted resale; and (iii) all All outgoings (other than interest) on or maintenance expenses in respect of the lot from the Settlement Date to the settlement of such resale. (d) any Any surplus money arising from a resale as aforesaid shall be retained by the Vendor. 13.6 If the Vendor does not comply with the terms of a Settlement Notice served by the Purchaser then without prejudice to any other rights or remedies available to the Purchaser at law or in equity the Purchaser may: (a) xxx Sue the Vendor for specific performance; or (b) cancel Cancel this Agreement by notice and require the Vendor forthwith to repay to the Purchaser any deposit and any other money paid on account of the purchase price and interest on such sum(s) at the interest rate for late settlement from the date or dates of payment by the Purchaser until repayment. 13.7 The party serving a Settlement Notice and/or another Settlement Notice pursuant to clause 13.4 may extend the term of the notice for one (1) or more specifically stated periods of time and thereupon the term of the Settlement Notice shall be deemed to expire on the last day of the extended period or periods and it shall operate as though this clause stipulated the extended period(s) of notice in lieu of the period otherwise applicable; and time shall be of the essence accordingly. An extension may be given either before or after the expiry of the period of the notice. 13.8 Should the Purchaser fail to pay any instalments, then the Vendor may: (a) pursue Pursue the Purchaser for the payment of the instalment in default and the unpaid balance of the purchase price, in which case the following shall apply: (i) the The Purchaser will pay all of the Vendor’s legal costs and disbursements relating to the recovery of such instalments; and (ii) the The Purchaser will pay the Vendor such additional amount as may be reasonably incurred by the Vendor as a result of such default, including but not by way of limitation, penalty interest and administrative and other costs. (b) xxx Sue the Purchaser; (c) cancel Cancel this Agreement. 13.9 In the event that the Purchaser does default in the payment of any instalment, it is agreed that the Purchaser shall on demand being made by the Vendor pay to the Vendor such amount as the Vendor may set not exceeding $2,000 by way of liquidated damages for that default. 13.10 Should the Purchaser default on settlement and the agreement subsequently be validly cancelled by the Vendor, then (without prejudice to the Vendor’s other rights, power and remedies), the ownership of all improvements effected on the property by the Purchaser will vest in the Vendor (and remain under the ownership of the Vendor). No compensation will be payable to the Purchaser for such improvements under this agreement. 13.11 In any event where the Vendor is unable to provide documents to the Purchaser on settlement, that inability being caused by or contributed to by the Purchaser either by delay or failing to observe the terms of this Agreement, then the following shall apply: (a) the The Purchaser will pay the amount to settle to the Vendor in full and, (subject to the Vendor providing an undertaking to provide the settlement documents in usual form in due course) those settlement funds can be released to the Vendor, or, at the Vendor’s discretion; (b) the The Purchaser will pay interest at the default rate on the amount required to settle from the date for settlement until the date settlement occurs notwithstanding that the settlement documents were not available on the date for settlement; and/or (c) the The Purchaser will pay liquidated damages of $250.00 per day for each day from and including the date for settlement until the date settlement is achieved. 13.12 Nothing in this clause shall preclude a party from suing for specific performance without giving a Settlement Notice. 13.13 A party who serves a Settlement Notice under this clause shall not be in breach of any essential term by reason only of that party’s failure to be ready and able to settle upon the expiry of that notice.