Remedies for Seller’s Default. If Seller defaults in its obligations under this Agreement to sell the Property to Buyer on the Closing Date through no fault of Buyer, then Buyer at its option may either (i) have the right to specific performance of this Agreement and all of its general and special damages, or (ii) receive an immediate return of the Deposit, together with interest thereon. If, after the Closing Date, Buyer determines that Seller has breached any material representation or warranty set forth in this Agreement, then Buyer shall have the right to bring an action for general and special damages against Seller. If this Agreement is terminated before the Closing Date for Seller’s default, then, in addition to any remedy Buyer has under this Agreement, Seller shall reimburse Buyer for the reasonable costs actually incurred by Xxxxx in conducting its due diligence, but in no event shall Buyer be entitled to request/receive (nor shall Seller be obligated to pay) any due diligence reimbursement amount in excess of $50,000.
Remedies for Seller’s Default. Notwithstanding anything to the contrary in Section 21.2 of Exhibit A attached hereto, if Seller fails to perform any of its obligations under this Agreement for any reason other than Buyer's default or the permitted termination of this Agreement by Seller or Buyer as expressly provided herein, Buyer shall be entitled, as its sole and exclusive remedy, either (a) to receive the return of the Exxxxxx Money from Escrow Agent, which return shall operate to terminate this Agreement and release Seller from any and all liability hereunder, or (b) to enforce specific performance of the obligation of Seller sell the Property to Buyer and to execute and deliver the documents required to convey the Property to Purchaser in accordance with this Agreement; it being specifically understood and agreed that the remedy of specific performance shall not be available to enforce any other obligation of Seller hereunder. Except as provided in Section E. Brokerage, above, Buyer expressly waives its rights to seek damages in the event of the default of Seller hereunder. Buyer shall be deemed to have elected to terminate this Agreement and to receive a return of the Exxxxxx Money from Escrow Agent if Buyer fails to file suit for specific performance against Seller in a court having jurisdiction, on or before sixty (60) days following the date upon which the Closing was to have occurred, as such Closing Date may have been extended pursuant to the provisions of this Agreement.
Remedies for Seller’s Default. If Seller defaults in its obligations under this Agreement to sell the Property to Buyer on the Closing Date through no fault of Buyer, then Buyer at its option may either (i) have the right to specific performance of this Agreement and all of its general and special damages, or (ii) receive an immediate return of the Initial Deposit and any Extension Deposit, together with interest thereon. If, after the Closing Date, Buyer determines that Seller has breached any material representation or warranty set forth in this Agreement, then Buyer shall have the right to bring an action for general and special damages against Seller. If this Agreement is terminated before the Closing Date for Seller’s default, then, in addition to any remedy Buyer has under this Agreement, Seller shall reimburse Buyer for the reasonable costs actually incurred by Buyer in conducting its due diligence, but in no event shall Buyer be entitled to request/receive (nor shall Seller be obligated to pay) any due diligence reimbursement amount in excess of $10,000. A termination of this Agreement due to the inaccuracy of any of Seller’s representations or warranties under this Agreement will not be a default by Seller if the representation or warranty was true as of the date of this Agreement but subsequently became untrue for reasons other than Seller’s gross negligence or willful misconduct.
Remedies for Seller’s Default
