Seller Closing Default. If Seller defaults under this Contract by failing to close the transaction in accordance with and subject to the terms of this Contract , Buyer may elect, as Buyer’s sole and exclusive remedy, either (i) to terminate this Contract by written notice to Seller delivered to Seller at any time prior to the completion of such cure, in which event the Xxxxxxx Money Deposit, including any interest thereon, shall be returned to the Buyer, and thereafter both the Buyer and Seller shall thereupon be released from all obligations with respect to this Contract, except as otherwise expressly provided herein; or (ii) to treat this Contract as being in full force and effect by written notice to Seller delivered to Seller at any time prior to the completion of such cure, in which event the Buyer shall have the right to an action against Seller for specific performance.
Appears in 7 contracts
Samples: Purchase Contract (Apple REIT Nine, Inc.), Purchase Contract (Apple REIT Eight, Inc.), Purchase Contract (Apple REIT Eight, Inc.)
