Purchaser's Failure Clause Samples

Purchaser's Failure. If escrow fails to close because of Purchaser's default after delivery of the Suitability Notice, Seller may at its option, terminate this Agreement and the escrow by giving written notice to Purchaser and escrow holder. Escrow shall thereupon be canceled, all documents shall be returned to the respective parties who deposited them and Purchaser shall pay all title and escrow cancellation charges. In addition, the parties agree that based on the circumstances now existing, known or unknown, it would be excessively costly and impractical to establish Seller's damages if escrow does not close as a result of Purchaser's default and it would therefore be reasonable to award Seller liquidated damages in the amount of the Initial Deposit and Additional Deposit (plus interest) specified in Section 3.2. By their respective initials set forth below, the parties agree that Seller may retain the Initial Deposit and Additional Deposit (plus interest) as its reasonable liquidated damages if escrow does not close as a result of Purchaser's default. Seller's retention of such amount shall be in lieu of any other relief, right or remedy, at law or in equity, to which Seller might otherwise be entitled by reason of Purchaser's default that results in escrow failing to close. ----------- --------------- Purchaser Seller