DEFAULT NOT REMEDIED Clause Samples

DEFAULT NOT REMEDIED. 28.1 All unpaid money under the contract becomes immediately payable to the vendor if the default has been made by the purchaser and is not remedied and the costs and interest are not paid. 28.2 The contract immediately ends if: (a) the default notice also states that unless the default is remedied and the reasonable costs and interest are paid, the contract will be ended in accordance with this general condition; and (b) the default is not remedied and the reasonable costs and interest are not paid by the end of the period of the default notice. 28.3 If the contract ends by a default notice given by the purchaser: (a) the purchaser must be repaid any money paid under the contract and be paid any interest and reasonable costs payable under the contract; and (b) all those amounts are a charge on the land until payment; and (c) the purchaser may also recover any loss otherwise recoverable. 28.4 If the contract ends by a default notice given by the vendor: (a) the deposit up to 10% of the price is forfeited to the vendor as the vendor’s absolute property, whether the deposit has been paid or not; and (b) the vendor is entitled to possession of the property; and (c) in addition to any other remedy, the vendor may within one year of the contract ending either: (i) retain the property and sue for damages for breach of contract; or (ii) resell the property in any manner and recover any deficiency in the price on the resale and any resulting expenses by way of liquidated damages; and (d) the vendor may retain any part of the price paid until the vendor’s damages have been determined and may apply that money towards those damages; and (e) any determination of the vendor’s damages must take into account the amount forfeited to the vendor. 28.5 The ending of the contract does not affect the rights of the offended party as a consequence of the default.
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DEFAULT NOT REMEDIED. 28.1 All unpaid money under the contract becomes immediately payable to the vendor if the default has been made by the purchaser and is not remedied and the costs and interest are not paid. 28.2 The contract immediately ends if: (a) the default notice also states that unless the default is remedied and the reasonable costs and interest are paid, the contract will be ended in accordance with this general condition; and (b) the default is not remedied and the reasonable costs and interest are not paid by the end of the period of the default notice. 28.3 If the contract ends by a default notice given by the purchaser: (a) the purchaser must be repaid any money paid under the contract and be paid any interest and reasonable costs payable under the contract; and (b) all those amounts are a charge on the land until payment; and (c) the purchaser may also recover any loss otherwise recoverable. 28.4 If the contract ends by a default notice given by the vendor: (a) the deposit up to 10% of the price is forfeited to the vendor as the vendor's absolute property, whether the deposit has been paid or not; and (b) the vendor is entitled to possession of the property; and (c) in addition to any other remedy, the vendor may within one year of the contract ending either: (i) retain the property and sue for damages for breach of contract; or (ii) resell the property in any manner and recover any deficiency in the price on the resale and any resulting expenses by way of liquidated damages; and (d) the vendor may retain any part of the price paid until the vendor's damages have been determined and may apply that money towards those damages; and (e) any determination of the vendor's damages must take into account the amount forfeited to the vendor. 28.5 The ending of the contract does not affect the rights of the offended party as a consequence of the default. I/We,........................................................................................ of .......................…………................................................................. and ........................................................................................ of ......................…………................................................................. being the Sole Director / Directors of ACN …............................... (called the "Guarantors") IN CONSIDERATION of the Vendor selling to the Purchaser at our request the Land described in this Contract of Sale for the price and upon the terms...
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DEFAULT NOT REMEDIED. All unpaid money under the contract becomes immediately payable to the vendor if the default has been made by the purchaser and is not remedied and the costs and interest are not paid.
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Related to DEFAULT NOT REMEDIED

  • Default Remedies (a) If an Event of Default (other than an insolvency Event of Default) has occurred and is continuing, the Lender, by notice to the Company, may declare the Loan Amount of this Note and all accrued interest thereon to be immediately due and payable, and upon any such declaration, such Loan Amount and accrued interest shall thereupon become due and payable immediately within five (5) business days from the Lender’s written request. In the event the Company fails to pay all outstanding Amounts within this five (5) business day period, the interest rate on the unpaid and outstanding Loan Amount of this Note shall be increased to, and this Note shall bear interest at, a monthly rate equal to one and a half percent (1.5%) or to the maximum rate permitted by law (the "Default Rate") from the expiration of the five (5) business day period until such unpaid and outstanding Loan Amount of this Note is repaid in full. If an insolvency Event of Default has occurred, the Loan Amount of this Note and accrued Interest thereon will become immediately due and payable without any declaration or any act on the part of any Lender. Such declaration of acceleration may be rescinded and past defaults may be waived by the Lender. (b) No course of dealing or delay or failure on the part of the Lender to exercise any right under this Section shall operate as a waiver of such right or otherwise prejudice the Lender’s rights, powers and remedies. The Company will pay or reimburse the Lender, to the extent permitted by law, for all reasonable costs and expenses, including but not limited to reasonable attorneys’ fees, incurred by the Lender in collecting any sums due on this Note or in otherwise enforcing any of the Lender's rights hereunder. (c) No right or remedy herein conferred upon the Lender is intended to be exclusive of any other right or remedy contained herein or existing at law, in equity, by statute or otherwise, and every such right or remedy shall be cumulative and shall be in addition to every other such right or remedy contained herein and therein or now or hereafter existing at law, in equity, by statute or otherwise.

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement: (a) Contractor fails or refuses to perform or observe any term, covenant or condition contained in any of the following Sections of this Agreement: