Optionor’s Default Sample Clauses

Optionor’s Default. In the event of a Default by any Optionor, then Optionee shall have the right to either: (i) terminate this Agreement by delivering written notice thereof to Optionor and Escrow Holder, in which event Optionee may pursue damages against Optionors, provided that in no event may Optionee obtain damages in an amount that exceeds the sum of (A) the return of the Option Payments and (B) as liquidated damages (1) an amount equal to twelve percent (12%) per annum from the date each such Option Payment was made until the date on which the Option Payments are returned to Optionee, and (2) an amount equal to all third (3rd) party costs and expenses incurred by Optionee in connection with the this Agreement and/or the Property (collectively, the “Optionee’s Liquidated Sum”), or (ii) proceed with the Closing, in which case Optionee may xxx for specific performance in any of the courts of the State of California and the United States District Court for any District within such State, and Optionee may record a lis pendens in connection with such specific performance action. Notwithstanding the foregoing, any such action for specific performance must be filed, if at all, within sixty (60) days after the scheduled Closing Date. If Optionee elects to pursue its remedy under clause (i) above, then:

Optionor’s Default. If Optionor fails to perform any of its obligations under this Agreement, then Optionee may either (a) terminate this Agreement, in which case Optionee may recover the Option Payment and all of Optionee’s reasonable out of pocket expenses in connection with Optionee’s acquisition of the Property hereunder; or (b) obtain specific performance of Optionor’s obligation to sell the Property pursuant to this Agreement.

Optionor’s Default. In the event of a failure by Optionor to perform and comply with any of the terms and provisions of this Agreement, Optionee shall have all rights and remedies at law or in equity including, without limitation, the following rights: (i) to rescind its exercise of the Option and receive a refund of the Purchase Price, if then paid, (ii) to seek specific performance of Optionor’s obligations under this Agreement, or (iii) to declare Optionor in default and bring one or more actions for damages. If Optionor’s default is the failure to deliver title to the Property as required hereunder, Optionee shall have the option to take such title as Optionor can give but with an abatement of the Purchase Price equal to the aggregate amount required to be paid in order to remove, cure or otherwise compensate Optionee for all liens and encumbrances which are not Permitted Exceptions.

Optionor’s Default. If the sale of the Property is not consummated due to a default by Optionor hereunder, then Optionee shall have the right, in addition to all other remedies available to it at law or in equity, to seek specific performance of Optionor’s obligations under this Agreement or commence an action for actual damages.

Optionor’s Default. [In the event of a Default by Optionor, then Optionee shall have the right to either: (i) terminate this Agreement by delivering written notice thereof to Optionor and Escrow Holder, in which event Optionee may pursue damages against Optionor, provided that in no event may Optionee obtain damages in an amount that exceeds the sum of (A) the return of the Option Payments and (B) as liquidated damages (1) an amount equal to [twelve percent (12%)] per annum from the date each such Option Payment was made until the date on which the Option Payments are returned to Optionee, and (2) an amount equal to all third (3rd) party costs and expenses incurred by Optionee in connection with the this Agreement and/or the Property (collectively, the “Optionee’s Liquidated Sum”), or (ii) proceed with the Closing, in which case Optionee may xxx for specific performance in the Superior Court of the [ ] County, California, and Optionee may record a lis pendens in connection with such specific performance action. Notwithstanding the foregoing, any such action for specific performance must be filed, if at all, within sixty (60) days after the scheduled Closing Date. If Optionee elects to pursue its remedy under clause (i) above, then:

Optionor’s Default. If Optionor fails to close in accordance with the terms of any Option, or shall otherwise be in breach or default of any of the terms or conditions of any Option pursuant to this Section 6, then Optionee shall give Optionor written notice specifying the nature of the default. Optionor shall have fifteen (15) days from receipt of Optionee's notice of default within which to cure the specified default. If Optionor does not cure such default within said fifteen (15) day period, then Optionee, at its option, shall have as its sole and exclusive remedy the right to seek specific performance or injunctive relief, and provided that Optionor does not obtain title to the applicable Option Parcel(s), Optionor shall reimburse Optionee for the reasonable actual out-of-pocket expenses incurred by Optionor (i) in conducting its due diligence with respect to such Option Parcel(s), including, without limitation, reasonable and actual attorney and consultant fees associated therewith, and (ii) in obtaining acquisition financing for such Option Parcels; provided, however, in no event shall Optionor have any requirement to reimburse Optionee for any such expenses that exceed in the aggregate $50,000. Other than the reimbursement of expenses pursuant to the immediately preceding sentence, in no event shall Optionee have the right to seek monetary damages for Optionor's breach or default. Optionor acknowledges that, because of the unique nature of the Option Premises, specific performance or injunctive relief is warranted.

Optionor’s Default