Common use of TIME OF ESSENCE, DEFAULT AND REMEDIES Clause in Contracts

TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any payment due, including the Purchase Price, hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: (a) If Buyer is in Default: All payments and things of value received hereunder shall be forfeited by Xxxxx and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder and this Contract shall be terminated and of no further force and effect. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and are SELLER’S SOLE AND EXCLUSIVE REMEDY for Buyer's failure to perform its obligations under this Contract. (b) If Seller is in Default: Buyer, as its sole remedy, may either elect to treat this Contract as canceled, in which case all payments and things of value received hereunder by Seller or the Closing Agent shall be returned to Buyer, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to seek specific performance of this Contract.

TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any payment due, including the Purchase Price, hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies:: DRAFT (a) If Buyer is in Default: All payments and things of value received hereunder shall be forfeited by Xxxxx and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder and this Contract shall be terminated and of no further force and effect. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and are SELLER’S SOLE AND EXCLUSIVE REMEDY for Buyer's failure to perform its obligations under this Contract. (b) If Seller is in Default: Buyer, as its sole remedy, may either elect to treat this Contract as canceled, in which case all payments and things of value received hereunder by Seller or the Closing Agent shall be returned to Buyer, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to seek specific performance of this Contract.

TIME OF ESSENCE, DEFAULT AND REMEDIES. Time is of the essence hereof. If any payment due, including the Purchase Price, hereunder is not paid, honored or tendered when due, or if any other obligation hereunder is not performed or waived as herein provided, there shall be the following remedies: (a) If Buyer is in Default: All payments and things of value received hereunder shall be forfeited by Xxxxx Buyer and retained on behalf of Seller and both parties shall thereafter be released from all obligations hereunder and this Contract shall be terminated and of no further force and effect. It is agreed that such payments and things of value are LIQUIDATED DAMAGES and are SELLER’S SOLE AND EXCLUSIVE REMEDY for Buyer's failure to perform its obligations under this Contract. (b) If Seller is in Default: Buyer, as its sole remedy, may either elect to treat this Contract as canceled, in which case all payments and things of value received hereunder by Seller or the Closing Agent shall be returned to Buyer, or Buyer may elect to treat this Contract as being in full force and effect and Buyer shall have the right to seek specific performance of this Contract.