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.
Appears in 2 contracts
Sources: Construction Agreement, Construction Agreement