Seller’s Remedies for Purchaser’s Default. If a Purchaser’s Default occurs and provided no Seller’s Default has occurred that has not been cured, then Seller shall have the right to terminate this Agreement immediately by giving written notice to Purchaser, in which event Seller shall be entitled to the immediate receipt of the Xxxxxxx Money together with all interest accrued thereon as liquidated damages. The remedy set forth in the preceding provisions of this Section 8.1(b) shall be Seller’s sole and exclusive remedy, at law or in equity, for a Purchaser’s Default. In the event Seller terminates this Agreement, then the Agreement shall be of no further force and effect and neither Purchaser nor Seller shall have any further rights, obligations or liabilities hereunder, except for those obligations or liabilities that expressly survive termination of this Agreement. SELLER AND PURCHASER ACKNOWLEDGE THAT IT WOULD BE EXTREMELY DIFFICULT IF NOT IMPOSSIBLE TO ASCERTAIN SELLER'S ACTUAL DAMAGES IN THE EVENT OF PURCHASER’S DEFAULT, AND THE XXXXXXX MONEY AND SUCH ACCRUED INTEREST IS A REASONABLE FORECAST OF JUST COMPENSATION TO SELLER RESULTING FROM PURCHASER’S DEFAULT.
Seller’s Remedies for Purchaser’s Default. If Purchaser fails to close this transaction when Purchaser is required to do so, Seller shall have the right, as its sole and exclusive remedy, to immediately receive the Deposit and all interest earned thereon as liquidated damages, in which case this Agreement shall be deemed terminated and, except as expressly provided otherwise herein, this Agreement shall be of no further force and effect and neither Purchaser nor Seller shall have any further rights, obligations or liabilities hereunder. If Purchaser fails, without legal excuse, to complete the purchase of the Gresham Manufacturing Division Facility, the Deposit made by Purchaser and all interest thereon shall be forfeited to Seller as the sole and exclusive remedy available to Seller for such failure. In the event the close of escrow and the consummation of the transaction herein contemplated do not occur by reason of any Purchaser Default, Purchaser and Seller agree that it would be impractical and extremely difficult to estimate the damages that Seller may suffer. Therefore, Purchaser and Seller agree that a reasonable estimate of the total net detriment that Seller would suffer in the event of a Purchaser Default and fails to complete the purchase of the Gresham Manufacturing Division Facility is and shall be an amount equal to the Deposit and interest thereon. This amount shall be the full, agreed, and liquidated damages for Purchaser's failure to close by Purchaser. The payment of this amount as liquidated damages is not intended as a forfeiture or penalty, but is intended to constitute liquidated damages to Seller. This liquidated damages remedy is Seller's sole remedy for Purchaser's failure to close, except for (i) Seller's right to enforce the NDA, (ii) Seller's right to enforce Purchaser's obligations as set forth in Sections 6.01 and 6.02 and Seller's right to enforce Purchaser's obligation to deliver documents and reports to Seller pursuant to any other provisions of this Agreement, (iii) Seller's right to require Purchaser to return the due diligence documents as set forth in Section 5.02, and (iv) Seller rights under Section 12.01.
Seller’s Remedies for Purchaser’s Default. If a Purchaser's Default occurs, then, following the expiration of the cure or grace period, if any, provided in subsection (a) above, Seller shall have the right, as its sole and exclusive remedy, to immediately receive the Deposit and all interest earned thereon, as liquidated damages, in which case this Agreement shall be deemed terminated and, except as expressly provided otherwise herein, this Agreement shall be of no further force and effect and neither Purchaser nor Seller shall have any further rights, obligations or liabilities hereunder. If Purchaser fails, without legal excuse, to complete the purchase of the Property, the Deposit made by Purchaser shall be forfeited to Seller as the sole and exclusive remedy available to Seller for such failure.
Seller’s Remedies for Purchaser’s Default. If a Purchaser’s Default occurs, then Seller shall have the right to terminate this Agreement immediately by giving notice to Purchaser, in which event Seller shall be entitled to the immediate receipt of the Escrowed Funds. The remedy set forth in the preceding provisions of this Section 9.01(b) shall be Seller’s sole and exclusive remedy hereunder, at law or in equity, for a Purchaser’s Default and the Escrowed Funds shall be immediately transferred to Seller.
