Common use of Seller’s Defaults; Purchaser’s Remedies Clause in Contracts

Seller’s Defaults; Purchaser’s Remedies. (a) In the event of a breach by Seller of its obligations under this Agreement, which breach is not cured within five (5) Business Days after Seller’s receipt of notice of default from Purchaser (provided that no such cure period shall extend the respective Closing Date or apply for a breach of the obligation to close by such Closing Date), Purchaser may elect only one of the following two remedies: (i) terminate this Agreement and receive: (1) a refund of the Exxxxxx Money and any earnings thereon, plus (2) in the case of an intentional breach by Seller, liquidated damages in the amount of two million dollars ($2,000,000), plus (3) reimbursement from Seller for Purchaser’s reasonable out of pocket costs incurred in connection with the negotiation of this Agreement, Purchaser’s diligence with respect to the Properties, and Purchaser’s actions in furtherance of the transactions contemplated by this Agreement (provided that said sum recoverable as reimbursement shall not exceed two hundred and fifty thousand dollars ($250,000)); or (ii) enforce specific performance of this Agreement against Seller, including the right to recover reasonable attorneys’ fees and to seek recovery pursuant to Section 9.1 of this Agreement. Purchaser’s election of remedies shall be made within 10 Business Days following Seller’s failure to cure. PURCHASER AND SELLER AGREE THAT IT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO QUANTIFY THE ACTUAL DAMAGES TO PURCHASER IN THE EVENT OF A BREACH BY SELLER, THAT THE AMOUNTS SET FORTH ABOVE ARE A REASONABLE ESTIMATE OF SUCH ACTUAL DAMAGES. Initials of Seller Initials of Purchaser (b) Subject to Sections 8.3, 8.4 and 9.23, after Closing, in the event of a breach by Seller of its obligations under this Agreement that survive Closing, Purchaser may exercise any rights and remedies available at law or in equity.

Seller’s Defaults; Purchaser’s Remedies. (a) In the event of a material breach by Seller of its obligations under this Agreement, which breach is not cured within five three (53) Business Days business days after Seller’s receipt of notice of default from Purchaser (provided that no such cure period shall extend the respective Closing Date or apply for a breach of the obligation to close by such the Closing Date), Purchaser may Purchaser’s sole remedy shall be to elect only either one of the following two remedies: (ia) terminate this Agreement and receive: (1i) a refund of the Exxxxxx Xxxxxxx Money and any earnings thereon, plus (2) in the case of an intentional breach by Seller, liquidated damages in the amount of two million dollars ($2,000,000), plus (3ii) reimbursement from Seller for Purchaser’s reasonable out of pocket costs incurred in connection with the negotiation of this Agreement, Purchaser’s diligence with respect to the PropertiesProperty, and Purchaser’s actions in furtherance of the transactions contemplated by this Agreement (provided that said sum recoverable as reimbursement shall not exceed two hundred Two Hundred and fifty thousand dollars Fifty Thousand Dollars ($250,000)); or (iib) enforce specific performance of this Agreement against Seller, including the right to recover reasonable attorneys’ fees and to seek recovery pursuant to Section 9.1 of this Agreement. Purchaser’s election of remedies shall be made within 10 Business Days following Seller’s failure to curefees. PURCHASER AND SELLER AGREE THAT IT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO QUANTIFY THE ACTUAL DAMAGES TO PURCHASER IN THE EVENT OF A BREACH BY SELLER, THAT THE AMOUNTS SET FORTH ABOVE ARE AMOUNT OF ALL XXXXXXX MONEY IS A REASONABLE ESTIMATE OF SUCH ACTUAL DAMAGES, AND THAT PURCHASER’S EXCLUSIVE REMEDY IN THE EVENT OF A BREACH BY SELLER SHALL BE TO ENFORCE ITS REMEDIES UNDER EITHER (A) ABOVE, IN WHICH CASE PURCHASER SHALL RECEIVE A REFUND OF ALL XXXXXXX MONEY AND ANY EARNINGS THEREON, AND PURCHASER’S OUT OF POCKET COSTS NOT TO EXCEED $250,000 OR (B) ABOVE. /s/ RH /s/ KG Initials of Seller Initials of Purchaser Purchaser (b) Subject to Sections 8.3, 8.4 and 9.23, after After Closing, in the event of a breach by Seller of its obligations under this Agreement that survive to be performed after the Closing, Purchaser may exercise any rights and remedies available at law or in equity.

Seller’s Defaults; Purchaser’s Remedies. (a) In the event of a breach by Seller of its obligations under this Agreement, which breach is not cured within five (5) Business Days days after Seller’s receipt of notice of default from Purchaser (provided that no such cure period shall extend the respective Closing Date or apply for a breach of the obligation to close by such the Closing Date), Purchaser may elect only one of the following two remedies: (i) terminate this Agreement and receive: (1) a refund of the Exxxxxx Xxxxxxx Money and any earnings thereon, plus (2) in the case of an intentional breach by Seller, liquidated damages in the amount of two million dollars ($2,000,000), plus (3) reimbursement from Seller for Purchaser’s reasonable out of pocket costs incurred in connection with the negotiation of this Agreement, Purchaser’s diligence with respect to the Properties, and Purchaser’s actions in furtherance of the transactions contemplated by this Agreement (provided that said sum recoverable as reimbursement shall not exceed two one hundred and fifty thousand dollars ($250,000100,000)); or (ii) enforce specific performance of this Agreement against Seller, including the right to recover reasonable attorneys’ fees and to seek recovery pursuant to Section 9.1 of this Agreement. Purchaser’s election of remedies shall be made within 10 Business Days following Seller’s failure to cure. PURCHASER AND SELLER AGREE THAT IT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO QUANTIFY THE ACTUAL DAMAGES TO PURCHASER IN THE EVENT OF A BREACH BY SELLER, THAT THE AMOUNTS SET FORTH ABOVE ARE AMOUNT OF ALL XXXXXXX MONEY IS A REASONABLE ESTIMATE OF SUCH ACTUAL DAMAGES, AND THAT IN THE EVENT PURCHASER SELECTS TO ENFORCE ITS REMEDIES UNDER (I) ABOVE, PURCHASER SHALL RECEIVE A REFUND OF ALL XXXXXXX MONEY AND ANY EARNINGS THEREON, AND PURCHASER’S OUT OF POCKET COSTS NOT TO EXCEED $100,000. Initials of Seller Initials of Purchaser Purchaser (b) Subject to Sections 8.3, 8.4 and 9.23, after After Closing, in the event of a breach by Seller of its obligations under this Agreement that survive Closing, Purchaser may exercise any rights and remedies available at law or in equity.

Seller’s Defaults; Purchaser’s Remedies. (a) In the event of a material breach by Seller of its obligations under this Agreement, which breach is not cured within five (5) Business Days days after Seller’s receipt of notice of default from Purchaser (provided that no such cure period shall extend the respective Closing Date or apply for a breach of the obligation to close by such the Closing Date), Purchaser may elect only one of the following two remedies: (ia) terminate this Agreement and receive: (1i) a refund of the Exxxxxx Money and any earnings thereon, plus (2) in the case of an intentional breach by Seller, liquidated damages in the amount of two million dollars ($2,000,000), plus (3ii) reimbursement from Seller for Purchaser’s reasonable out of pocket costs incurred in connection with the negotiation of this Agreement, Purchaser’s diligence with respect to the PropertiesProperty, and Purchaser’s actions in furtherance of the transactions contemplated by this Agreement (provided that said sum recoverable as reimbursement shall not exceed two hundred and fifty thousand dollars ($250,00050,000)); or (iib) enforce specific performance of this Agreement against Seller, including the right to recover reasonable attorneys’ fees and to seek recovery pursuant to Section 9.1 of this Agreement. Purchaser’s election of remedies shall be made within 10 Business Days following Seller’s failure to curefees. PURCHASER AND SELLER AGREE THAT IT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO QUANTIFY THE ACTUAL DAMAGES TO PURCHASER IN THE EVENT OF A BREACH BY SELLER, THAT THE AMOUNTS SET FORTH ABOVE ARE AMOUNT OF ALL EXXXXXX MONEY IS A REASONABLE ESTIMATE OF SUCH ACTUAL DAMAGES. Initials of Seller Initials of Purchaser , AND THAT IN THE EVENT PURCHASER SELECTS TO ENFORCE ITS REMEDIES UNDER (A) ABOVE, PURCHASER SHALL RECEIVE A REFUND OF ALL EXXXXXX MONEY AND ANY EARNINGS THEREON, AND PURCHASER’S OUT OF POCKET COSTS. (b) Subject to Sections 8.3, 8.4 and 9.23, after After Closing, in the event of a breach by Seller of its obligations under this Agreement that survive Closing, Purchaser may exercise any rights and remedies available at law or in equity.

Seller’s Defaults; Purchaser’s Remedies. (a) In the event of a material breach by Seller of its obligations under this Agreement, which breach is not cured within five (5) Business Days days after Seller’s receipt of notice of default from Purchaser (provided that no such cure period shall extend the respective Closing Date or apply for a breach of the obligation to close by such the Closing Date), Purchaser may elect only one of the following two remedies: (ia) terminate this Agreement and receive: (1) receive a refund of the Exxxxxx Money and Xxxxxxx Money, any earnings thereon, plus (2) in the case of an intentional breach by Seller, liquidated damages in the amount of two million dollars ($2,000,000), plus (3) reimbursement from Seller for Purchaser’s reasonable out of pocket costs incurred in connection with the negotiation of this Agreement, Purchaser’s diligence with respect Agreement up to the Properties, and Purchaser’s actions in furtherance of the transactions contemplated by this Agreement (provided that said sum recoverable as reimbursement shall not exceed two hundred and fifty thousand dollars ($250,000))25,000; or (iib) enforce specific performance of this Agreement against Seller, including the right to recover reasonable attorneys’ fees and to seek recovery pursuant to Section 9.1 of this Agreement. Purchaser’s election of remedies shall be made within 10 Business Days following Seller’s failure to curefees. PURCHASER AND SELLER AGREE THAT IT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO QUANTIFY THE ACTUAL DAMAGES TO PURCHASER IN THE EVENT OF A BREACH BY SELLER, THAT THE AMOUNTS SET FORTH ABOVE ARE AMOUNT OF ALL XXXXXXX MONEY IS A REASONABLE ESTIMATE OF SUCH ACTUAL DAMAGES. Initials of Seller Initials of Purchaser , AND THAT IN THE EVENT PURCHASER SELECTS TO ENFORCE ITS REMEDIES UNDER (A) ABOVE, PURCHASER SHALL RECEIVE A REFUND OF ALL XXXXXXX MONEY AND ANY EARNINGS THEREON, AND PURCHASER’S OUT OF POCKET COSTS. (b) Subject to Sections 8.3, 8.4 and 9.23, after After Closing, in the event of a breach by Seller of its obligations under this Agreement that survive Closing, Purchaser may exercise any rights and remedies available at law or in equity.

Seller’s Defaults; Purchaser’s Remedies. (a) In the event of a material breach by Seller of its obligations under this Agreement, which breach is not cured within five (5) Business Days days after Seller’s receipt of notice of default from Purchaser (provided that no such cure period shall extend the respective Closing Date or apply for a breach of the obligation to close by such the Closing Date), Purchaser may elect only one of the following two remedies: (ia) terminate this Agreement and receive: (1i) a refund of the Exxxxxx Xxxxxxx Money and any earnings thereon, plus (2) in the case of an intentional breach by Seller, liquidated damages in the amount of two million dollars ($2,000,000), plus (3ii) reimbursement from Seller for Purchaser’s reasonable out of pocket costs incurred in connection with the negotiation of this Agreement, Purchaser’s diligence with respect to the PropertiesProperty, and Purchaser’s actions in furtherance of the transactions contemplated by this Agreement (provided that said sum recoverable as reimbursement shall not exceed two hundred and fifty thousand dollars ($250,00050,000)); or (iib) enforce specific performance of this Agreement against Seller, including the right to recover reasonable attorneys’ fees and to seek recovery pursuant to Section 9.1 of this Agreement. Purchaser’s election of remedies shall be made within 10 Business Days following Seller’s failure to curefees. PURCHASER AND SELLER AGREE THAT IT WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO QUANTIFY THE ACTUAL DAMAGES TO PURCHASER IN THE EVENT OF A BREACH BY SELLER, THAT THE AMOUNTS SET FORTH ABOVE ARE AMOUNT OF ALL XXXXXXX MONEY IS A REASONABLE ESTIMATE OF SUCH ACTUAL DAMAGES. Initials of Seller Initials of Purchaser , AND THAT IN THE EVENT PURCHASER SELECTS TO ENFORCE ITS REMEDIES UNDER (A) ABOVE, PURCHASER SHALL RECEIVE A REFUND OF ALL XXXXXXX MONEY AND ANY EARNINGS THEREON, AND PURCHASER’S OUT OF POCKET COSTS. (b) Subject to Sections 8.3, 8.4 and 9.23, after After Closing, in the event of a breach by Seller of its obligations under this Agreement that survive Closing, Purchaser may exercise any rights and remedies available at law or in equity.