Common use of Default of Buyer Clause in Contracts

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. 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, 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 relieved of all obligations under this Agreementagreement, or at Seller's option, may proceed in equity to enforce Seller's rights under this agreement. Additionally, Seller shall have any other rights or and remedies allowed in law or equity.