Optionee’s Default Sample Clauses

Optionee’s Default. If Optionee exercises the Option (and has not timely revoked such exercise in accordance herewith) and all conditions precedent to Closing hereunder have been satisfied or waived by Optionee in writing, and Optionee thereafter fails or refuses to perform its obligations hereunder upon Closing, Optionor shall have all rights and remedies available at law or in equity.
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Optionee’s Default. IF THE SALE OF THE PROPERTY IS NOT CONSUMMATED DUE TO A DEFAULT BY OPTIONEE HEREUNDER, THEN OPTIONOR SHALL RETAIN THE OPTION CONSIDERATION OF $1.00 AS LIQUIDATED DAMAGES (“LIQUIDATED DAMAGES”). SUCH LIQUIDATED DAMAGES SHALL BE OPTIONOR’S SOLE AND EXCLUSIVE REMEDY HEREUNDER. OPTIONEE AND OPTIONOR AGREE IT WOULD BE IMPRACTICAL OR EXTREMELY DIFFICULT TO FIX ACTUAL DAMAGES IN THE CASE OF OPTIONEE’S DEFAULT, AND THAT THE LIQUIDATED DAMAGES ARE A REASONABLE ESTIMATE OF OPTIONOR’S DAMAGES IN SUCH EVENT. IN THE EVENT OF A DEFAULT BY OPTIONEE AS AFORESAID, THE ESCROW HOLDER, UPON WRITTEN INSTRUCTIONS TO DO SO, SHALL IMMEDIATELY DISBURSE THE DEPOSIT TO OPTIONOR, AND SHALL CANCEL THE ESCROW CREATED PURSUANT HERETO, IN WHICH EVENT OPTIONOR AND OPTIONEE SHALL BE RELIEVED FROM ALL LIABILITY HEREUNDER EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT. RECEIPT OF OPTIONEE’S LIQUIDATED DAMAGES SHALL BE OPTIONOR’S SOLE AND EXCLUSIVE REMEDY IN THE EVENT OF A BREACH BY OPTIONEE AS AFORESAID. OPTIONOR AND OPTIONEE ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS SECTION AND BY THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS. DRAFT Optionor’s Initials: / / / Optionee’s Initials:
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Optionee’s Default. If the Optionee fails to perform or meet any of its obligations or promises under this Agreement, the Optionor may terminate this Agreement and all option payments and other monies paid by the Optionee to the Optionor shall be forfeited and the Optionor may keep such payments as damages for such breach by the Optionee.
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Optionee’s Default. If Optionee shall fail to close in accordance with the terms of an Option after delivering the Exercise Notice to the Optionor with respect to one or more Option Parcels or shall otherwise be in breach or default of any of the terms or conditions of any Option pursuant to this Section 6, then Optionor shall give Optionee written notice specifying the nature of such failure. Optionee shall have fifteen (15) days from receipt of Optionor's notice of default within which to cure such failure. If Optionee does not cure such failure within said fifteen (15) day period, then as Optionor's sole and exclusive remedy for Optionee's failure to exercise the Options or for any breach or default by Optionee, Optionor may terminate the Options with respect to all Option Parcels not yet acquired by Optionor.
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Optionee’s Default. If Optionee should fail to close title on the Premises in default of the provisions of this Contract, the parties hereto agree that the damages that Optionor will sustain as a result thereof will be substantial but will be difficult to ascertain. Accordingly, the parties agree that in the event of such default, Escrowee is hereby directed to pay the Deposit (plus all interest thereon) to Optionor, who shall retain the Deposit as and for its liquidated damages and sole remedy hereunder and this Agreement shall terminate. Optionor hereby waives all other rights and remedies that it may have for any default by Optionee under this Contract, including, but not limited to, the right to xxx for damages and specific performance.
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Optionee’s Default. 15. In the event that Optionee does not exercise the Option, or if Optionee does exercise the Option but fails to complete the purchase of the Property other than because of a material breach hereof by Optionor, Optionor shall be entitled to retain the entire consideration paid by Optionee for the Option. If the Option granted hereby is exercised and Optionee nevertheless fails to consummate the purchase of the Property in accordance with the terms of this Agreement, it is agreed that it is reasonable under the circumstances to provide that the damages to be suffered by Optionor in such event may be liquidated to an amount equal to the consideration paid by the Optionee for the Option. ACCORDINGLY, OPTIONOR SHALL ACCEPT AND BE ENTITLED TO RETAIN SUCH CONSIDERATION OPTION AS LIQUIDATED DAMAGES AS ITS SOLE REMEDY IN LIEU OF ANY OTHER RIGHT TO DAMAGES OR RIGHT TO SPECIFIC PERFORMANCE OF THIS AGREEMENT AND WAIVES ANY FURTHER RIGHT TO CLAIM DAMAGES FROM OPTIONEE AS A RESULT OF FAILURE BY OPTIONEE TO COMPLETE THE PURCHASE IF THE OPTION GRANTED HEREBY IS EXERCISED. ARTICLE XVI OPTIONOR'S DEFAULT ------------------
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Related to Optionee’s Default

  • Termination as a Result of Death or Disability The Executive’s employment with the Company shall terminate automatically upon the Executive’s death during the Employment Term. If the Disability of the Executive has occurred during the Employment Term (pursuant to the definition of “Disability” set forth below), the Company may give to the Executive written notice of its intention to terminate the Executive’s employment. In such event, the Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Company (the “Disability Effective Date”), provided that, within the 30 days after receipt of notice, the Executive shall not have returned to substantial performance of the Executive’s duties. For purposes of this Agreement, “Disability” shall mean the absence of the Executive from the Executive’s duties with the Company for 120 consecutive days, or a total of 180 days in any 12-month period, as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician jointly selected by the Company and the Executive or the Executive’s legal representative, or, if the parties cannot agree on the selection of such physician then each shall choose a physician and the two physicians shall jointly select a physician to make such binding determination.

  • Continuous Service The Parties shall continue providing services to each other during the pendency of any dispute resolution procedure, and the Parties shall continue to perform their obligations (including making payments in accordance with Article IV, Section 4) in accordance with this Agreement.

  • Termination Due to Death or Disability Executive’s employment shall terminate automatically upon Executive’s death. The Company may terminate Executive’s employment immediately upon the occurrence of a Disability, such termination to be effective upon Executive’s receipt of written notice of such termination. Upon Executive’s death or in the event that Executive’s employment is terminated due to Executive’s Disability, Executive or Executive’s estate or Executive’s beneficiaries, as the case may be, shall be entitled to:

  • Termination Because of Death or Disability If Participant is Terminated because of death or Disability of Participant, the Option, to the extent that it is exercisable by Participant on the date of Termination, may be exercised by Participant (or Participant's legal representative) no later than twelve (12) months after the date of Termination, but in any event no later than the Expiration Date.

  • Termination of Continuous Service Except as otherwise provided in this Section 3, the unvested portion of the award shall be forfeited as of the date (the “Termination Date”) that the Grantee actually ceases to provide services to the Company or any Affiliate in any capacity of Employee, Director or Consultant (irrespective of whether the Grantee continues to receive severance or any other continuation payments or benefits after such date) (such cessation of the provision of services by Grantee being referred to as “Service Termination”). A Service Termination shall not occur and Continuous Service shall not be considered interrupted in the case of (i) any approved leave of absence, (ii) transfers among the Company, any Subsidiary or Affiliate, or any successor, in any capacity of Employee, Director or Consultant, or (iii) any change in status as long as the individual remains in the service of the Company or a Subsidiary or Affiliate in any capacity of Employee, Director or Consultant.

  • Termination by Virtue of Death or Disability of Executive (a) In the event of Executive’s death while employed pursuant to this Agreement, all obligations of the Parties hereunder shall terminate immediately, and the Company shall, pursuant to the Company’s standard payroll policies, pay to Executive’s legal representatives all Accrued Obligations.

  • Termination Due to Disability If the Optionee’s employment terminates by reason of the Optionee’s disability (as determined by the Administrator), any portion of this Stock Option outstanding on such date shall become fully exercisable and may thereafter be exercised by the Optionee for a period of 12 months from the date of termination or until the Expiration Date, if earlier.

  • Termination of Service Termination of Service shall mean the Executive's voluntary resignation of service by the Executive or the Bank's discharge of the Executive without cause, prior to the Early Retirement Date (Subparagraph I [K]).

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