Common use of REMEDIES OF LESSOR Clause in Contracts

REMEDIES OF LESSOR. In the event LESSEE exercises the Option to Purchase, and the transaction of purchase and sale of the Property contemplated hereby does not Close when and as provided herein for any reason attributable to LESSEE or any person or entity in a relationship to LESSEE (except in the case of a rescission allowed pursuant to Section 6.8.1 above), then such event shall be treated as the giving by LESSEE of a rescission notice under Section 6.8.1 above effective as of the later of the date specified for Closing pursuant to Section 6.4.2 above or the date that LESSOR gives to LESSEE written notice of LESSEE's failure to Close. LESSOR shall accept the payment of costs under Section 6.8.2 above as liquidated damages and as its sole remedy for such a failure of LESSEE to Close.

REMEDIES OF LESSOR. In the event LESSEE exercises the Option to Purchase, and the transaction action of purchase and sale of the Property contemplated hereby does not Close when and as provided herein for any reason attributable to LESSEE or any person or entity in a relationship to LESSEE (except in the case of a rescission allowed pursuant to Section 6.8.1 above), then such event shall be treated as the giving by LESSEE of a rescission notice under Section 6.8.1 above effective as of the later of the date specified for Closing pursuant to Section 6.4.2 above or the date that LESSOR gives to LESSEE written notice of LESSEE's failure to Close. LESSOR shall accept the payment of costs under Section 6.8.2 above as liquidated damages and as its sole remedy for such a failure of LESSEE to Close.