Default of Buyer Clause Samples

Default of Buyer. If Buyer breaches this Agreement, such breach will be a default by Buyer under this Agreement and Seller, as its sole remedy, will be entitled to deliver a notice of immediate cancellation to Buyer and Escrow Agent and retain the entire Deposit as full, liquidated, and agreed-upon damages. With the fluctuation in land values, the unpredictable state of the economy, the fluctuating money market for real estate loans, and other factors that affect the marketability of the Project, Buyer and Seller agree that it would be impractical and extremely difficult to estimate the actual damages that Seller may suffer in the event of a default by Buyer. This remedy provision has been agreed-upon after specific negotiation, keeping in mind the difficulties in estimating actual damages. Buyer and Seller agree that the Deposit represents a reasonable estimate of the total damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT AND, SPECIFICALLY, THIS SECTION 16, THE INDEMNITY OBLIGATIONS OF THE BUYER UNDER THIS AGREEMENT ARE SEPARATE AND DISTINCT OBLIGATIONS OF THE BUYER THAT ARE NOT SUBJECT TO THE LIQUIDATED DAMAGE PROVISIONS CONTAINED IN THIS SECTION 16. FURTHER, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, THE LIQUIDATED DAMAGE PROVISIONS OF THIS SECTION 16 WILL NOT ACT TO LIMIT THE AMOUNT OF DAMAGES RECOVERABLE BY SELLER AGAINST BUYER UNDER A.R.S. SECTIONS 12-1103, 12-1191 OR 33-420, OR RECOVERABLE BY SELLER AGAINST BUYER IF BUYER, WITHOUT LEGAL RIGHT, RECORDS A LIS PENDENS OR OTHER DOCUMENT OR INSTRUMENT THAT IMPAIRS OR COULD IMPAIR SELLER’S ABILITY TO SELL THE PROPERTY TO ANOTHER PURCHASER.

Default of Buyer. Buyer and Seller agree to indemnify and hold Title Company harmless from and against any loss (including, without limitation, reasonable attorneys' fees) arising out of or incurred in connection with the release of the Deposit to Seller. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Buyer's default in its obligation to purchase the Property, and that retention of the Deposit is intended not as a penalty, but as full liquidated damages. The parties further acknowledge that the amount of the Deposit is a reasonable estimate by the parties of the amount of probable loss that Seller should be expected to suffer in the event the sale and purchase of the Property is not closed because of Buyer's default. Seller's right to retain the Deposit as full liquidated damages is Seller's sole and exclusive remedy in the event of default hereunder by Buyer with respect to its obligation to purchase the Property, and Seller hereby waives and releases any right to (and hereby covenants that it shall not) sue Buyer (i) for specifi▇ ▇erformance of this Agreement or (ii) to prove that Seller's actual damages resulting from such default exceed the Deposit which is hereby provided Seller as full liquidated damages. In the event the purchase and sale contemplated in this Agreement is not consummated because of Buyer's default, Buyer hereby waives and releases any right to sue (and hereby covenants t▇▇▇ it shall not sue) Seller or Title Compan▇ ▇o recover the Deposit or any part thereof on the grounds that it is unreasonable in amount or that its retention by Seller is a penalty and not agreed upon and reasonable liquidated damages.

Default of Buyer. Buyer shall be in default of its obligations under this Agreement if: (a) Buyer fails to perform any material obligation under this Agreement within the time required for performance; or b) Buyer fails to complete its purchase of the Property as and when required under this Agreement. In the event that Buyer defaults with respect to the performance of any or all of its obligations under this Agreement and Buyer agrees with such default and such default continues for a period of thirty (30) days after delivery of written notice thereof from Sellers, Sellers shall be entitled to retain the Escrow Deposit, as damages in full settlement of all claims, and this Agreement thereupon shall be deemed null and void. This shall be the sole and exclusive remedy of Sellers in the event of any default by the Buyer under this Agreement.

Default of Buyer. Except as provided below, in the event of a default hereunder by Buyer or if Buyer shall otherwise fail to perform any of Buyer's obligations hereunder Seller may terminate this Agreement by notice to Buyer and may retain the Initial ▇▇▇▇▇▇▇ Money Payment and the ▇▇▇▇▇▇▇ Money Deposit as liquidated damages and this shall be Seller's sole remedy for the Buyer's breach of this Agreement and neither party shall have any further rights, obligations or liabilities hereunder, except as otherwise provided herein; however, Buyer shall not be in default hereunder unless and until Seller shall provide written notice to Buyer of the basis for any such default and Buyer has failed to cure such matter within ten (10) days of its receipt of such notice. Seller and Buyer agree that it is difficult to determine, with any degree of certainty, the loss which Seller would incur in the event of Buyer's failure to close the purchase of the Property, and the parties have agreed that the amount of the ▇▇▇▇▇▇▇ Money Deposit represents a reasonable estimate of such loss and is intended as a liquidated damages provision. No delay or omission in the exercise of any right or remedy accruing to Seller upon any default of Buyer under this Agreement shall impair such right or remedy or be construed as a waiver of such default or any default theretofore or thereafter occurring. The waiver by Seller of any condition or event of default shall not be deemed to be a waiver of any other condition or of any prior or subsequent event of default.

Default of Buyer. If Buyer fails or refuses to consummate the transaction contemplated by this Contract, for any reason other than termination of this Contract by Buyer pursuant to a right to do so expressly set forth in this Contract, then such event shall constitute a default by Buyer hereunder and the Seller may, as the Seller's sole and exclusive remedy for such default, either (i) bring an action against the Buyer for specific performance of the Buyer's obligations under this Contract, or (ii) terminate this Contract by giving written notice thereof to Buyer and the Title Company at or prior to the Closing Date, whereupon the Title Company shall deliver the Earn▇▇▇ ▇▇▇ey Deposit (including the interest earned thereon) to the Seller which shall constitute liquidated damages hereunder and thereafter neither party hereto shall have any further rights or obligations hereunder. It is agreed that the Earn▇▇▇ ▇▇▇ey Deposit is a reasonable forecast of just compensation for the harm that would be caused by such default, which the parties agree is one that is incapable or very difficult of accurate estimation, and that payment of the Earn▇▇▇ ▇▇▇ey Deposit upon such default shall constitute full satisfaction of Buyer's obligations hereunder.

Default of Buyer. 4.6.1 Provided that BRAD ▇▇▇ met the Delivery Requirements, should Buyer not accept, pay for and take delivery of any of the [CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION], or the day BRAD ▇▇▇ met the Delivery Requirements (and the occurrence of successful reinspection and acceptance flight) for such Aircraft, whichever occurs later, Buyer shall be deemed to be in default of the terms of this Agreement. [CONFIDENTIAL PORTION OMITTED AND FILED SEPARATELY WITH THE COMMISSION]

Default of Buyer. 9.01. The occurrence of one or more of the following events shall constitute a default by Buyer hereunder: (a) Buyer's failure to accept delivery of the Aircraft upon tender thereof in the condition and at the time required by and otherwise in accordance with this Agreement; or (b) Buyer's failure to observe or perform any material obligation of Buyer under this Agreement. 9.02. If any such default should occur and Buyer does not cure default within ten (10) days after written request from Seller to do so, it shall constitute a "Buyer's Event of Default" hereunder. Upon the occurrence of a Buyer's Event of Default, Seller, without prejudice to any other remedy Seller may have against Buyer for damages to Seller resulting from Buyer's Event of Default, may, by written notice to Buyer, terminate this Agreement.

Default of Buyer. In the event that buyer defaults with respect to the performance of its obligations under this Agreement, within the time specified, including the payment of all deposits, the Escrow Deposit paid by Buyer and any deposits agreed to be paid, may be recovered and retained by and for the account of the Seller as agreed upon liquidated damages, consideration for the execution of this Agreement and in full settlement of any claims; whereupon Buyer and Seller shall be relived of all obligations under this Agreement, or at Seller's option, may proceed in equity to enforce Seller's rights under this agreement. Seller shall have any other rights or remedies allowed in law or equity.

Default of Buyer. If Buyer breaches this Contract, Seller, as its sole remedy, will be entitled to deliver a notice of immediate cancellation to Buyer and Escrow Agent and be paid the ▇▇▇▇▇▇▇ Money, as full, liquidated, and agreed-upon damages for Buyer's breach or default. With the fluctuation in land values, the unpredictable state of the economy, the fluctuating money market for real estate loans, and other factors that affect the marketability of the Property, Buyer and Seller agree that it would be impractical and extremely difficult to estimate the actual damages that Seller may suffer in the event of a default by Buyer. This remedy provision has been agreed upon after specific negotiation, keeping in mind the difficulties in estimating actual damages. Buyer and Seller agree that the ▇▇▇▇▇▇▇ Money represents a reasonable estimate of the total damages.