Defaults by Buyer. If the Closing fails to occur on account of any default by Buyer under this Agreement (for any reason other than a default by Seller), then Seller may, as its sole remedy, declare this Agreement terminated, in which case the Deposit shall be paid to Seller as liquidated damages (the parties hereto acknowledging that it is impossible to estimate more precisely the damages which might be suffered by Seller upon Buyer’s default, said Deposit is a reasonable estimate of Seller’s probable loss in the event of a default by Buyer, and Seller’s retention of said Deposit is intended not as a penalty, but as full liquidated damages), and each party shall thereupon be relieved of all further obligations and liabilities, except any which survive termination. In the event this Agreement is terminated due to the default of Buyer hereunder, Buyer shall deliver to Seller, at no cost to Seller, the Due Diligence Items and all of Buyer’s Reports in accordance with Section 5.1.2 above.
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Sources: Purchase and Sale Agreement (Hines Real Estate Investment Trust Inc)
Defaults by Buyer. If the Closing fails to occur on account of any default by Buyer under this Agreement (for any reason other than a default by Seller), then Seller may, as its sole remedy, declare this Agreement terminated, in which case the Deposit shall be paid to Seller as liquidated damages (the parties hereto acknowledging that it is impossible to estimate more precisely the damages which might be suffered by Seller upon Buyer’s 's default, said Deposit is a reasonable estimate of Seller’s 's probable loss in the event of a default by Buyer, and Seller’s 's retention of said Deposit is intended not as a penalty, but as full liquidated damages), and each party shall thereupon be relieved of all further obligations and liabilities, except any which survive termination. In the event this Agreement is terminated due to the default of Buyer hereunder, Buyer shall deliver to Seller, at no cost to Seller, the Due Diligence Items and all of Buyer’s 's Reports in accordance with Section 5.1.2 above.
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