Common use of Default by Sellers Clause in Contracts

Default by Sellers. Observing the remediation period of five (5) Business Days counted from a notice in this regard sent to SELLERS, as well as the provisions in clause 9.2.1 below, ZMACQ 3 may terminate this Agreement if, upon compliance with all its obligations set out herein, (a) the Conditions Precedent are not satisfied until December 31, 2015; or (b) IMOBILIÁRIA CREMAQ unjustifiably refuses to grant any of the Deeds for the REAL PROPERTIES, as applicable. In any of these events, SELLERS shall fully reimburse the amounts paid by ZMACQ 3 and CREMACQ AGRO, until the date of default, including return of the Down Payment, the Cash Installment and the Blocked Deposit Amount and the respective income, plus five percent (5%) of the Purchase Price of the REAL PROPRTIES and Purchase Price of ASSETS, as liquidated damages, within fifteen (15) days, regardless of ZMACQ 3 or CREMACQ AGRO,’s notice in this sense, under penalty of application of Monetary Adjustment and interest of one percent (1%) per month on such amount, as of that moment.