Default After Failure to Close Clause Samples

Default After Failure to Close. In the event the APA Closing does not occur within one (1) year of the Put Closing Date, as extended by written agreement of the parties, and Seller fails to refund in full the Put Option Down Payment as required in Section 3(f), Seller shall promptly initiate a process to sell the Put Option Assets to a third party or parties on an expedited but commercially reasonable basis. Any proposed sale of the Put Option Assets by Seller pursuant to this Section 3(g) shall be subject to Buyer approval, such approval not to be unreasonably withheld. Buyer shall be entitled to receive from the proceeds of the sale of the Put Option Assets an amount equal to that portion of the Put Option Down Payment not previously refunded to Buyer by Seller hereunder.
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Related to Default After Failure to Close

  • Failure to Close (A) If Seller(s) fails to convey the property as provided in this contract: Buyer(s) may exercise legal remedies including suit for specific performances or damages. Agent may ▇▇▇ ▇▇▇▇▇▇(s) to recover loss of commission. Agent may pay ▇▇▇▇▇▇▇ Money into a court of competent jurisdiction, or retain ▇▇▇▇▇▇▇ Money until directed to distribute the same by a court of competent jurisdiction. (B) If Buyer(s) fail to purchase the property as provided in this contract: Seller(s) may exercise legal remedies including suit for specific performance or damages. Seller(s) may elect to retain ▇▇▇▇▇▇▇ Money deposit as liquidated damages for breach of contract, in this case, it is agreed that Agent may retain from such ▇▇▇▇▇▇▇ Money deposit an amount not greater than his total commission of the sale had been consummated and the residue, if any, will be paid to Seller(s). (C) ▇▇▇▇▇(s) and Seller(s) further agree that in the event of default by either that results in litigation, that the non-defaulting party may recover reasonable attorney fees and any other court costs, in addition to other damages provided for herein.

  • Failure to Fulfill Conditions In the event that either of the parties hereto determines that a condition to its respective obligations to consummate the transactions contemplated hereby cannot be fulfilled on or prior to the termination of this Agreement, it will promptly notify the other party.

  • No Failure to Cure Default The Seller has not received a written notice of default of any senior mortgage loan related to the Mortgaged Property which has not been cured;

  • Remedy for failure to insure If the Concessionaire shall fail to effect and keep in force all insurances for which it is responsible pursuant hereto, the Authority shall have the option to either keep in force any such insurances, and pay such premia and recover the costs thereof from the Concessionaire, or in the event of computation of a Termination Payment, treat an amount equal to the Insurance Cover as deemed to have been received by the Concessionaire.

  • Termination for Failure to Pay If Company fails to make any payment due hereunder, Hospital shall have the right to terminate this Agreement upon ten (10) business days written notice, unless Company makes such payments plus any interest due, as set forth in Section 4.7, within said ten (10) day notice period. If payments are not made, Hospital may immediately terminate this Agreement at the end of said ten (10) day period. Company shall be entitled to only one such cure period in a calendar year; for a second failure to make payment on time, Hospital shall have the right to terminate this Agreement immediately upon written notice.