Failure of Conditions to Closing; Default by Seller or Buyer. In the event either Party defaults in the performance of any of their respective obligations to be performed prior to the Closing, then the non-breaching Party may elect the applicable remedies set forth in this Section 8.6, which remedies shall constitute the sole and exclusive remedies of the non- breaching Party with respect to a default by the other Party under this Agreement. Notwithstanding the foregoing, a valid termination of this Agreement by Buyer pursuant to Sections 4.2 or 8.5(a) hereof or a valid termination of this Agreement by Seller pursuant to Section 8.5(b) hereof, shall not be deemed a termination due to the default of either Party and therefore, shall not be subject to the provisions of this Section 8.6.
Appears in 2 contracts
Sources: Purchase and Sale Agreement (Pacific Office Properties Trust, Inc.), Purchase and Sale Agreement (Pacific Office Properties Trust, Inc.)
Failure of Conditions to Closing; Default by Seller or Buyer. In the event either Party defaults in the performance of any of their respective obligations to be performed prior to the Closing, then the non-breaching Party may elect the applicable remedies set forth in this Section 8.6, which remedies shall constitute the sole and exclusive remedies of the non- non-breaching Party with respect to a default by the other Party under this Agreement. Notwithstanding the foregoing, a valid termination of this Agreement by Buyer pursuant to Sections 4.2 or 8.5(a) hereof or a valid termination of this Agreement by Seller pursuant to Section 8.5(b) hereof, shall not be deemed a termination due to the default of either Party and therefore, shall not be subject to the provisions of this Section 8.6.
Appears in 1 contract
Sources: Purchase and Contribution Agreement (Pacific Office Properties Trust, Inc.)