Purchaser’s Default; Liquidated Damages. In the event Purchaser shall be in breach or violation of, or shall fail or refuse to perform its obligations under this Contract the Deposit shall be forwarded by Escrow Agent to Seller on demand, which is hereby agreed to be adequate liquidated damages for Purchaser’s default hereunder, and Seller shall have no other rights or remedies. The parties acknowledge that the Deposit represents a reasonable effort to ascertain the damages to Seller in the event of a Purchaser default, which damages are difficult or impossible to quantify.
Purchaser’s Default; Liquidated Damages. In the event Purchaser shall fail or refuse to perform its obligations under this Contract, and provided that Seller provides notice of such default to Purchaser and such default is not cured within ten (10) days of such notice, the Deposit shall be forwarded by Escrow Agent to Seller on demand, which is hereby agreed to be adequate liquidated damages for Purchaser’s default hereunder, and Seller shall have no other rights or remedies. The parties acknowledge that the Deposit represents a reasonable effort to ascertain the damages to Seller in the event of a Purchaser default, which damages are difficult or impossible to quantify.
Purchaser’s Default; Liquidated Damages. In the event Purchaser shall be in breach or violation of this Contract, or shall fail or refuse to perform its obligations under this Contract the Deposit shall be forwarded by Escrow Agent to Seller on demand, or if such breach or violation or failure or refusal to perform its obligations under this Contract by Purchaser occurs during the Review Period then Purchaser shall deliver Fifty Thousand and 00/100 Dollars ($50,000.00) to Seller, which is hereby agreed to be adequate liquidated damages for Purchaser’s default hereunder, and Seller shall have no other rights or remedies. The parties acknowledge that the Deposit represents a reasonable effort to ascertain the damages to Seller in the event of a Purchaser default, which damages are difficult or impossible to quantify.
Purchaser’s Default; Liquidated Damages. The Purchaser and the Seller each acknowledge that it would be difficult to ascertain the actual damages which would be suffered by the Seller if the Purchaser defaults in consummating the purchase and sale contemplated by this Contract. Accordingly, if all conditions precedent to the Purchaser's obligation to consummate the transactions contemplated by this Contract have been satisfied or waived, but the Purchaser fails, refuses or is unable to consummate the purchase and sale contemplated by this Contract, then the Seller's sole remedy shall be to give the Escrow Agent and the Purchaser written notice of the Purchaser's default, in which event the Escrow Agent shall pay the Xxxxxxx Money Deposit, together with interest earned thereon, to the Seller. Upon payment of the Xxxxxxx Money Deposit, including the interest earned thereon, to the Seller, neither party to this Contract shall have any further liability to the other and this Contract shall be and become null and void and of no further force and effect, either at law or in equity.
Purchaser’s Default; Liquidated Damages. In the event Purchaser shall fail or refuse to perform its obligations under this Contract which are to be performed on or before the Closing Date, and provided that Seller provides notice of such default to Purchaser and such default is not cured within ten (10) days of such notice, the Deposit shall be forwarded by Escrow Agent to Seller on demand, which is hereby agreed to be adequate liquidated damages for Purchaser’s default hereunder, and Seller shall have no other rights or remedies. The parties acknowledge that the Deposit represents a reasonable effort to ascertain the damages to Seller in the event of a Purchaser default, which damages are difficult or impossible to quantify. The foregoing limitation shall not apply to the indemnity contained in Section 3 (A) or the indemnity contained in Section 15.
Purchaser’s Default; Liquidated Damages. If, prior to Closing, Purchaser defaults in performing its obligations under this Agreement, Seller’s sole remedy for such default shall be to give the Escrow Agent and Purchaser prompt written notice of such default and the Escrow Agent shall, after giving the parties five (5) working days’ notice thereof (if Purchaser fails to cure such default within that time), pay over to Seller the Exxxxxx Money as full and complete liquidated damages hereunder. Thereafter, Purchaser shall have no further obligations hereunder to Seller or any others, including but not limited to the Escrow Agent, brokers, realtors and agents. Notwithstanding the foregoing, in the event of a dispute regarding Seller’s right to payment of the Exxxxxx Money, Escrow Agent continues to hold the Exxxxxx Money subject to the provisions of Paragraph 28.
Purchaser’s Default; Liquidated Damages. IT IS AGREED BY AND BETWEEN SELLER AND PURCHASER THAT IT WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL, IF NOT IMPOSSIBLE, TO ASCERTAIN WITH ANY DEGREE OF CERTAINTY THE AMOUNT OF DAMAGES WHICH WOULD BE SUFFERED BY SELLER IN THE EVENT OF PURCHASER’S DEFAULT AND FAILURE TO CLOSE ESCROW UNDER THE TERMS OF THIS AGREEMENT. ACCORDINGLY, PURCHASER AND SELLER AGREE THAT IN THE EVENT THAT, AFTER ALL CONDITIONS ARE SATISFIED OR WAIVED, PURCHASER SHOULD DEFAULT AND FAIL TO CLOSE ESCROW UNDER THE TERMS OF THIS AGREEMENT, PURCHASER SHALL BE LIABLE TO SELLER FOR LIQUIDATED DAMAGES IN THE AMOUNT OF FIFTY THOUSAND DOLLARS ($50,000). PURCHASER AND SELLER AGREE THAT SAID AMOUNT IS REASONABLE UNDER THE CIRCUMSTANCES OF THIS TRANSACTION. SELLER SHALL HAVE NO OTHER RIGHTS OR REMEDIES AGAINST PURCHASER EXCEPT AS PROVIDED IN SECTION 1.13.
Purchaser’s Default; Liquidated Damages. If prior to the Closing, Purchaser fails to meet, comply with, or perform any covenant, agreement, representation, warranty, or obligation on its part required within the time limits and in the manner required in this Agreement (notwithstanding any disclosure by Purchaser as to the untruth or incorrectness of any representation or warranty), and such failure was not caused by Seller's default under this Agreement, Seller shall give written notice thereof to Purchaser immediately after Seller becomes aware of such failure and the following provisions shall apply: If the cost to cure such failure, or the amount of damages incurred by Seller on account of such failure, is reasonably expected to be less than $20,000.00, then the failure shall be deemed to be an immaterial breach by Purchaser which shall not delay the Closing or allow Seller to exercise its remedies set forth in this Section 14.2; provided, however, that Purchaser within a reasonable period of time not to exceed fifteen (15) days after receiving Seller's notice of such failure shall either cure such failure or compensate Seller for the damages incurred by Seller on account thereof. If the cost to cure such failure, or the amount of damages incurred by Seller on account of such failure, is reasonably expected to be $20,000.00 or more, then the failure shall be deemed to be a material breech by Purchaser; provided, however, the Purchaser shall have the right within a reasonable period of time not to exceed fifteen (15) days after receiving notice of such failure either to cure such failure or to compensate Seller for the damages incurred by Seller on account thereof. If Purchaser does not effect such cure or compensation within said period of time, then Purchaser shall be in default and Seller shall have the right to terminate this Agreement. In such event, as Seller's sole remedy, Seller shall have the right to give Purchaser written notice of Purchaser's default whereupon the Deposit, together with the interest earned thereon, shall be liquidated damages and not a penalty. PURCHASER AND SELLER EACH ACKNOWLEDGE THAT IT WOULD BE DIFFICULT TO ASCERTAIN THE ACTUAL DAMAGES AS TO LOSS OF THE VALUE OF THE BARGAIN, CERTAIN CARRYING COST AND OTHER INDIRECT COSTS AND OTHER INDIRECT COSTS WHICH WOULD BE SUFFERED BY SELLER IF PURCHASER DEFAULTS IN CONSUMMATING THE PURCHASE AND SALE CONTEMPLATED BY THIS AGREEMENT. THEREFORE, IT IS STIPULATED BY THE PARTIES HERETO THAT THE DEPOSIT AND THE INTEREST EARNED THE...
Purchaser’s Default; Liquidated Damages. In the event Purchaser is no longer entitled to terminate this Contract under any of the provisions hereof, and provided Seller is not in material default or violation in the performance of or compliance with any of the material terms hereof, then, in the event of default by Purchaser in the consummation of this purchase of the Property, Escrow Agent shall, as full liquidated damages for such default by Purchaser, immediately pay the Deposit to Seller, whereupon no party hereto shall have any further rights, liabilities or obligations under this Agreement (except as set forth herein), it being specifically understood and agreed that payment of the Deposit to Seller as liquidated damages shall be Seller’s sole and exclusive remedy hereunder. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Purchaser’s default, and that retention of the Deposit is intended not as a penalty, but as full liquidated damages. The parties further acknowledge that the amount of the Xxxxxxx Money represents a reasonable pre-estimate by the parties of the amount of the probable loss that the Seller might expect to suffer in the event the sale or purchase of the Property is not closed because of Purchaser’s default.
Purchaser’s Default; Liquidated Damages. In the event Purchaser shall be in breach or violation of, or shall fail or refuse to perform its obligations under this Agreement, the Deposit shall be immediately forwarded by Escrow Agent to Seller on demand, which is hereby agreed to be adequate liquidated damages for Purchaser’s default hereunder, and Seller shall have no other rights or remedies, provided that the foregoing shall not limit any damages or other remedies of Seller in the case of a default by Purchaser under any of the provisions of Section 3 of this Agreement. The parties acknowledge that the Deposit represents a reasonable effort to ascertain the damages to Seller in the event of such a Purchaser default, which damages are difficult or impossible to quantify. Notwithstanding any provision of this Agreement to the contrary, Escrow Agent’s duties and responsibilities are set forth in the Escrow Agreement.
