Common use of Default of Buyer Clause in Contracts

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. 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 Money 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 Money 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 Money Deposit upon such default shall constitute full satisfaction of Buyer's obligations hereunder.