Common use of Performance of Contract Clause in Contracts

Performance of Contract. Time is of the essence hereof, and if any payment or other material condition hereof is not made or performed by either the Seller or the Buyer as herein provided, then this Agreement shall be null and void and of no force and effect and both parties hereto shall be released from all obligations hereunder, at the sole option of the party who is not in default. However, in the event the Buyer elects to treat this Agreement as being in full force and effect, then nothing herein shall be construed as to prevent its specific performance, or damages, as the case may be. -8-

Performance of Contract. Time is of the essence hereof, and if any payment or other material condition hereof is not made or performed by either the Seller or the Buyer as herein provided, then this Agreement shall be null and void and of no force and effect and both parties hereto shall be released from all obligations hereunder, at the sole option of the party who is not in default. However, in the event the Buyer elects to treat this Agreement as being in full force and effect, then nothing herein shall be construed as to prevent its specific performance, or damages, as the case may be. -8-.