Upon Buyer’s Default. If Buyer fails to complete the purchase of the Property by reason of any default of Buyer under this Agreement (including, without limitation, Buyer’s failure to use best efforts to obtain financing as more particularly described in Paragraph 7.1 above), Seller may terminate this Agreement and cancel escrow by giving written notice of such termination (“Termination Notice”) to Escrow Holder and Buyer by registered or certified mail, return receipt requested or by personal service. The Termination Notice shall contain a statement that Seller has determined that Buyer is in default hereunder, that Seller is terminating this Agreement and canceling the escrow, that Seller is electing to retain liquidated damages in accordance with the provisions of Paragraph 15 below, and shall otherwise comply with the requirements of Paragraph 15 below.
Appears in 6 contracts
Samples: Joint Purchase Agreement, Joint Purchase Agreement, Joint Purchase Agreement
