Remedies for Buyer’s Default. IF BUYER DEFAULTS IN ITS OBLIGATIONS UNDER THIS AGREEMENT TO CLOSE THE ESCROW AND ACQUIRE THE PROPERTY FROM SELLER ON THE CLOSING DATE THROUGH NO FAULT OF SELLER, THEN SELLER, AS ITS SOLE AND EXCLUSIVE REMEDY, SHALL RETAIN THE INITIAL DEPOSIT AS LIQUIDATED DAMAGES. BUYER AND SELLER AGREE THAT IT WOULD BE IMPRACTICAL OR EXTREMELY DIFFICULT TO FIX THE ACTUAL DAMAGES SUFFERED BY SELLER BECAUSE OF SUCH DEFAULT, THAT THE TOTAL AMOUNT OF THE INITIAL DEPOSIT, THE EXTENSION DEPOSIT, AND ANY INTEREST EARNED THEREON SHALL CONSTITUTE A REASONABLE ESTIMATE AND AGREED STIPULATION OF DAMAGES IN THE EVENT OF SUCH DEFAULT BY BUYER AND THAT SELLER SHALL HAVE NO OTHER RIGHT OR CAUSE OF ACTION AGAINST BUYER FOR DAMAGES OR OTHERWISE ARISING FROM SAID DEFAULT. If, after the Closing Date, Seller determines that Buyer has breached any material representation or warranty set forth in this Agreement, then Seller shall have the right to bring an action for actual damages against Buyer. Seller's Initials: Buyer’s Initials:
Remedies for Buyer’s Default. In the event of Buyer’s default, Builder shall retain the hull(s) of the Unit(s) and all payments as liquidated damages, which shall, however, not limit Builder’s recovery against Buyer for any damages Builder has suffered by reason of such default in excess of the value of such payments, provided, however, that Builder shall have a duty to mitigate its damages and shall reimburse Buyer for such payments received from Buyer to the extent it recoups such payments from the sale of the Unit(s) to a third party, less reasonable costs (including litigation costs and attorney fees) incurred by Builder to make the sale.
Remedies for Buyer’s Default. If Buyer defaults in its obligations under this Agreement to close the Escrow and acquire the Property from Seller on the Closing Date through no fault of Seller, then Seller shall have the right to terminate this Agreement and receive, as its sole and exclusive remedy, the Initial Deposit, and the Extension Deposit, if any. Notwithstanding any provision herein to the contrary, in the event Buyer fails to close the escrow and acquire the Property from Seller on the Closing Date through no fault of Seller, Buyer acknowledges that the Initial Deposit (i) is subject to immediate release to Seller (if not previously released) and (ii) shall be considered liquidated damages or other recompense for general or special damages incurred by Seller. Seller shall be entitled to receive, keep and retain the Initial Deposit as consideration for Seller’s grant of the original option to Buyer to acquire the Property; Buyer expressly waives all rights or recovery, offset or reimbursement in relation to the Initial Deposit.
Remedies for Buyer’s Default. If Buyer defaults in its obligations under this Agreement to close the Escrow and acquire the Property from Seller on the Closing Date through no fault of Seller, then Seller at its option may have the right to specific performance of this Agreement or the right to recover all of its general and special damages. If, after the Closing Date, Seller determines that Buyer has breached any material representation or warranty set forth in this Agreement, then Seller shall have the right to bring an action for general and special damages against Buyer.
Remedies for Buyer’s Default. If Buyer defaults in its obligations under this Agreement to close the Escrow and acquire the Property from Seller on the Closing Date through no fault of Seller, then Seller shall have the right to terminate this Agreement and receive, as its sole and exclusive remedy, the Initial Deposit and the Additional Liqudated Damages. Notwithstanding any provision herein to the contrary, in the event Buyer fails to close the escrow and acquire the Property from Seller on the Closing Date through no fault of Seller, Buyer acknowledges that: (a) the Initial Deposit is subject to immediate release to Seller (if not previously released) and shall be considered liquidated damages or other recompense for general or special damages incurred by Seller; and (b) Buyer shall owe Seller additional liquidated damages in the amount of $91,000 as reimbursement for expenditures made by Seller on behalf of Buyer along with $150,000 for relocation expenses of Tenant (collectively, the “Additional Liquidated Damages”) which is subject to immediate payment by Buyer to Seller (if not previously paid) and shall be considered additional liquidated damages or other recompense for general or special damages incurred by Seller. Seller shall be entitled to receive, keep and retain the Initial Deposit and Additional Liquidated Damages as consideration for Seller’s negotiating exclusively with Buyer to acquire the Property; Buyer expressly waives all rights or recovery, offset or reimbursement in relation to the Initial Deposit and/or Additional Liquidated Damages.
Remedies for Buyer’s Default. If Buyer defaults in its obligations under this agreement to close the escrow and acquire the property from Seller on the closing date through no fault of Seller, then Seller, as its sole and exclusive remedy, shall retain the Initial Deposit as liquidated damages. Buyer and Seller agree that it would be impractical or extremely difficult to fix the actual damages suffered by Seller because of such default, that the total amount of the Initial Deposit, the Extension Deposit, and any interest earned thereon shall constitute a reasonable estimate and agreed stipulation of damages in the event of such default by Buyer and that Seller shall have no other right or cause of action against Buyer for damages or otherwise arising from said default. If, after the Closing Date, Seller determines that Buyer has breached any material representation or warranty set forth in this Agreement, then Seller shall have the right to bring an action for actual damages against Buyer.
Remedies for Buyer’s Default. (a) SELLER AND BUYER AGREE THAT THE DAMAGES SELLER WOULD SUFFER IF BUYER DEFAULTS ON ITS OBLIGATION TO CLOSE ESCROW AS PROVIDED IN SECTION 16.1(a) ABOVE WOULD BE EXTREMELY DIFFICULT AND IMPRACTICABLE TO ASCERTAIN, AND THAT THE DEPOSIT REPRESENTS THEIR REASONABLE ESTIMATE OF SUCH DAMAGES, CONSIDERING ALL OF THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, INCLUDING THE RELATIONSHIP OF THE SUM TO THE RANGE OF HARM TO SELLER THAT REASONABLY COULD BE ANTICIPATED, AND THE ANTICIPATION THAT PROOF OF ACTUAL DAMAGES WOULD BE COSTLY, IMPRACTICAL OR INCONVENIENT, AND PARTICULARLY IN VIEW OF THE FACT THAT SELLER IS TAKING THE PROPERTY OFF THE MARKET, WHICH SELLER WOULD NOT DO BUT FOR BUYER’S AGREEMENT TO PURCHASE THE PROPERTY. ACCORDINGLY, IN THE EVENT BUYER DEFAULTS ON ITS OBLIGATION TO CLOSE ESCROW AS PROVIDED IN SECTION 16.1(a) ABOVE, SELLER, AS ITS SOLE REMEDY, SHALL RECEIVE AND RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES. SAID SUM SHALL BE IN ADDITION TO AND SHALL NOT BE DEEMED TO INCLUDE ANY ATTORNEYS’ FEES THAT MAY BECOME DUE TO SELLER PURSUANT TO THIS AGREEMENT. THE PARTIES ACKNOWLEDGE THAT THE PAYMENT OF SUCH LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING OF CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671, 1676 AND 1677. BY INITIALING THIS PROVISION, SELLER AND BUYER EACH CONFIRMS THE ACCURACY OF THE FOREGOING STATEMENTS, AND AFFIRMS ITS RESPECTIVE OBLIGATIONS UNDER THIS SECTION 16.2.
Remedies for Buyer’s Default. [****] Confidential Treatment In the event of Buyer’s default, Builder shall retain the hull(s) of the Tug(s) and all payments as liquidated damages, which shall, however, not limit Builder’s recovery against Buyer for any damages Builder has suffered by reason of such default in excess of the value of such payments, provided, however, that Builder shall have a duty to mitigate its damages and shall reimburse Buyer for such payments received from Buyer to the extent it recoups such payments from the sale of the Tug(s) to a third party, less reasonable costs (including litigation costs and attorney fees) incurred by Builder to make the sale.
