Examples of The Auction in a sentence
If Bidder wins the Auction and does not sign a Purchase Contract with Seller, the Deposit shall be forfeited by Bidder as liquidated damages.
Bidder’s failure to sign a Purchase Contract after entering a winning bid at the Auction shall be a default under this Agreement and Bidder waives any claim to the Deposit as a result of such Default.
In the event that Bidder does not win the Auction, Auctioneer shall refund the Deposit to Bidder within two (2) business days following the date of the Auction.
In such event Auctioneer is authorized to transfer such funds to Seller, less any expenses and fees incurred due to Auctioneer pursuant to the Auction, including but not limited to those incurred under any listing agreement, auction employment agreement, engagement letter, or other document evidencing the Seller having contracted the Auctioneer’s services.
In addition to the Return Bid, each Lender wishing to participate in such Auction must execute and deliver, to be held in escrow by the Auction Agent, an assignment and acceptance agreement in a form reasonably acceptable to the Auction Agent.