Common use of Defaults by Buyer Clause in Contracts

Defaults by Buyer. If there is any default by Buyer under this Agreement, following notice to Buyer and seven (7) days, during which period Buyer may cure the default, Seller may, as its sole remedy, declare this Agreement terminated, in which case the Initial Deposit, if such default occurs prior to one (1) business day following the conclusion of the Due Diligence Period, or the Deposit, if such default occurs one (1) business day or more following the conclusion of the Due Diligence Period, shall be paid to Seller as liquidated damages and each party shall thereupon be relieved of all further obligations and liabilities, except any which survive termination. The foregoing notwithstanding, no right to cure shall extend the Close of Escrow. In the event this Agreement is terminated due to the default of Buyer hereunder, Buyer shall, in addition, deliver to Seller, at no cost to Seller, the Due Diligence Items.

Defaults by Buyer. If there is any default by Buyer under this Agreement, following notice to Buyer and seven (7) days, during which period Buyer may cure the defaultdefault (provided that no such notice shall be required of Seller in order for a Buyer default to be deemed to have occurred with respect to any delivery (of documents or funds) required of Buyer at Close of Escrow), then Seller may, as its sole remedy, declare this Agreement terminated, in which case the Initial Deposit, if such default occurs prior to one (1) business day following the conclusion of the Due Diligence Period, or the Deposit, if such default occurs one (1) business day or more following the conclusion of the Due Diligence Period, Deposit shall be paid to Seller as liquidated damages and each party shall thereupon be relieved of all further obligations and liabilities, except any which survive termination. The foregoing notwithstanding, no right to cure shall extend the Close of Escrowtermination hereof. In the event this Agreement is terminated due to the default of Buyer hereunder, Buyer shall, in addition, shall deliver to Seller, at no cost to Seller, the Due Diligence ItemsItems and all of Buyer's Reports.