Common use of Xxxxx’s Right to Cancel After the Financing & Appraisal Deadline Clause in Contracts

Xxxxx’s Right to Cancel After the Financing & Appraisal Deadline. If after expiration of the Financing & Appraisal Deadline referenced in Section 24(c), Buyer fails to obtain the Loan, meaning that the proceeds of the Loan have not been delivered by the Lender to Seller or to the escrow/closing office as required under Section 3.5 of the REPC, then Buyer or Seller may cancel the REPC by providing written notice to the other party; whereupon the Xxxxxxx Money Deposit, or Deposits, if applicable (see Section 8.4 below), shall be released to Seller without the requirement of further written authorization from Buyer. In the event of such cancellation, Xxxxxx agrees to accept as Xxxxxx’s exclusive remedy, the Xxxxxxx Money Deposit, or Deposits, if applicable, as liquidated damages. Buyer and Seller agree that liquidated damages would be difficult and impractical to calculate, and the Xxxxxxx Money Deposit, or Deposits, if applicable, is a fair and reasonable estimate of Seller’s damages in the event Buyer fails to obtain the Loan. [ ]

Xxxxx’s Right to Cancel After the Financing & Appraisal Deadline. If after expiration of the Financing & Appraisal Deadline referenced in Section 24(c), Buyer fails to obtain the Loan, meaning that the proceeds of the Loan have not been delivered by the Lender to Seller or to the escrow/closing office as required under Section 3.5 3.6 of the REPC, then Buyer or Seller may cancel the REPC by providing written notice to the other party; whereupon the Xxxxxxx Money Deposit, or Deposits, if applicable (see Section 8.4 below), shall be released to Seller without the requirement of further written authorization from Buyer. In the event of such cancellation, Xxxxxx agrees to accept as Xxxxxx’s 's exclusive remedy, the Xxxxxxx Money Deposit, or Deposits, if applicable, as liquidated damages. Buyer and Seller agree that liquidated damages would be difficult and impractical to calculate, and the Xxxxxxx Money Deposit, or Deposits, if applicable, is a fair and reasonable estimate of Seller’s 's damages in the event Buyer fails to obtain the Loan. [ ].

Xxxxx’s Right to Cancel After the Financing & Appraisal Deadline. If after expiration of the Financing & Appraisal Deadline referenced in Section 24(c), Buyer fails to obtain the Loan, meaning that the proceeds of the Loan have not been delivered by the Lender to Seller or to the escrow/closing office as required under Section 3.5 of the REPC, then Buyer or Seller may cancel the REPC by providing written notice to the other party; whereupon the Xxxxxxx Money Deposit, or Deposits, if applicable (see Section 8.4 below), shall be released to Seller without the requirement of further written authorization from Buyer. In the event of such cancellation, Xxxxxx agrees to accept as Xxxxxx’s exclusive remedy, the Xxxxxxx Money Deposit, or Deposits, if applicable, as liquidated damages. Buyer and Seller agree that liquidated damages would be difficult and impractical to calculate, and the Xxxxxxx Money Deposit, or Deposits, if applicable, is a fair and reasonable estimate of Seller’s damages in the event Buyer fails to obtain the Loan. [ ].