Purchasers Default Sellers Remedies Sample Clauses
The "Purchaser’s Default; Seller’s Remedies" clause defines the actions a seller may take if the purchaser fails to fulfill their contractual obligations. Typically, this clause outlines what constitutes a default by the purchaser, such as failure to pay the purchase price or to close the transaction on time, and specifies the remedies available to the seller, which may include retaining a deposit, seeking damages, or terminating the agreement. Its core function is to allocate risk and provide clear recourse for the seller in the event of a purchaser’s breach, thereby promoting certainty and fairness in the transaction.
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Purchasers Default Sellers Remedies. If Purchaser is in material default hereunder and fails to cure such default within three (3) business days after Seller delivers written notice to Purchaser (herein referred to as a “Purchaser default”), and if such Purchaser default occurs on or before Closing and Seller has notice thereof on or before Closing, then Seller shall have the right to terminate this Agreement and receive the Deposit, together with interest thereon, as Seller’s sole recourse hereunder, and the Agreement shall thereafter be deemed null and void and neither party shall have any further rights or obligations hereunder (subject, however, to survival of Purchaser’s Indemnity and Purchaser’s Confidentiality Obligations). Notwithstanding the foregoing, Purchaser’s Indemnity and Purchaser’s Confidentiality Obligations shall not be subject to any of the limitations described in this Section 15.2. Seller agrees that it will deliver written notice of a Purchaser default to Purchaser within a reasonable time after Seller obtains actual knowledge of such Purchaser default. Nothing herein shall be deemed to imply that Purchaser’s indemnification obligations described in Section 11 or Section 14.3(d) above shall be subject to any of the limitations on remedies contained in this Section 15.2. SELLER AND PURCHASER HAVE ACKNOWLEDGED THAT THEY HAVE READ AND SPECIFICALLY NEGOTIATED THE FOREGOING PROVISIONS AND LIMITATIONS ON REMEDIES AFTER CONSULTATION WITH LEGAL COUNSEL OF THEIR RESPECTIVE CHOICE.
Purchasers Default Sellers Remedies. If Purchaser fails to purchase the Property on the Closing Date in breach of the terms hereof then Seller, as its sole and exclusive remedy at law or in equity, shall receive the E▇▇▇▇▇▇ Money Deposit from Escrow Agent as liquidated damages and all other claims for losses, damages, costs and expenses being waived hereby. Purchaser and Seller acknowledge and agree that damages which would be sustained by Seller in the event of a breach by Purchaser of its obligations under this Agreement are difficult to determine and in such event that the E▇▇▇▇▇▇ Money Deposit represents a reasonable estimate of such damages and is not intended as a penalty.
Purchasers Default Sellers Remedies. (a) Purchaser's Default. Purchaser shall be deemed to be in default -------------------- hereunder upon the occurrence of any one or more of the following events: (i) any of Purchaser's warranties or representations set forth herein shall be untrue in any material respect when made or at Closing; or (ii) Purchaser shall fail in any material respect to meet, comply with, or perform any covenant, agreement or obligation on its part within the time limits and in the manner required in this Agreement.
Purchasers Default Sellers Remedies a. Purchaser shall be deemed to be in default hereunder upon the occurrence of one of the following events: (i) any of Purchaser's warranties or representations set forth herein shall be untrue in any material respect when made or at Closing; or (ii) Purchaser shall fail to meet, comply with, or perform any covenant, agreement or obligation on its part required within the time limits and in the manner required in this Agreement, which, in either of such events, is not cured by Purchaser within ten (10) days following receipt by Purchaser of written notice of default from Seller.
b. In the event Purchaser shall be deemed to be in default hereunder Seller may, at Seller's sole option, do any one or more of the following: (i) terminate this Agreement by written notice delivered to Purchaser on or before the Closing; and/or (ii) enforce specific performance of this Agreement against Purchaser including Seller's reasonable costs and attorneys fees in connection therewith.
Purchasers Default Sellers Remedies a. Purchaser's Default. Purchaser shall be deemed to be in default hereunder upon the occurrence of one of the following events: (i) any of Purchaser's warranties or representations set forth herein shall be untrue in any material respect when made or at Closing; or (ii) Purchaser shall fail to meet, comply with, or perform any covenant, agreement or obligation on its part required within the time limits and in the manner required in this Agreement, which, in either of such events, is not cured by Purchaser within ten (10) days following receipt by Purchaser of written notice of default from Seller.
Purchasers Default Sellers Remedies. If Purchaser breaches any of the covenants and/or agreements which are to be performed by Purchaser under this Agreement Seller may terminate this Agreement by giving written Notice of Termination to Purchaser, which notice need not be accompanied by any other document or consent of any other party hereto, and in the event of Purchaser default, Seller may enforce specific performance of this Agreement or exercise any other remedy provided under applicable law or in equity including retaining any Property ▇▇▇▇▇▇▇ Money deposit.
Purchasers Default Sellers Remedies. Notwithstanding any other remedy provided herein, subject to all conditions set forth in this Agreement, if Purchaser wrongfully fails to close the purchase of the Property under this Agreement, then Seller as its sole and exclusive remedy at law, in equity or otherwise shall be entitled to receive the ▇▇▇▇▇▇▇ Money from Escrow Agent, as liquidated damages, it being acknowledged that Seller’s actual damages are difficult or impossible to ascertain. To the extent all or part of the ▇▇▇▇▇▇▇ Money is in the form of letter(s) of credit, Seller be entitled to draw upon and retain the proceeds of such letter(s) of credit. In no event shall Purchaser be liable for consequential, incidental or punitive damages and in no event shall Purchaser be subject to an action for specific performance.
Purchasers Default Sellers Remedies. In the event Purchaser shall be in default hereunder, Seller may deliver a written notice to Purchaser stating with particularity the alleged default of Purchaser and the action required by Purchaser to cure such default, and stating Seller’s intent to terminate this Agreement if the default is not cured, whereupon Purchaser shall have five (5) business days after receipt of such notice in which to cure the alleged default to Seller’s reasonable satisfaction (and the Closing Date shall be delayed, if necessary, until the end of such five (5) business day period). In the event such default is not cured within such five (5) business day period, then Seller may terminate this Agreement by written notice delivered to Purchaser.
Purchasers Default Sellers Remedies. If Purchaser fails to perform its obligations hereunder within the time provided herein for any reason other than Seller’s default, Purchaser shall be deemed to be in default hereunder. Seller shall have the right to all remedies to which it may be entitled under law and shall have the right to enforce this Agreement by specific performance against the Purchaser.
Purchasers Default Sellers Remedies. If Purchaser defaults in the observance or performance of its covenants and obligations hereunder, then Seller, as its sole and exclusive remedy, shall (as an election of remedies) receive the ▇▇▇▇▇▇▇ Money from Escrow Agent as liquidated damages. Purchaser and Seller acknowledge the difficulty of ascertaining the actual damages in the event of such default, that it is impossible to more precisely estimate the damages to be suffered by Seller upon such default, that the retention of the ▇▇▇▇▇▇▇ Money by Seller is intended not as a penalty but as full liquidated damages and that such amount constitutes a good faith estimate of the potential damages arising therefrom. Seller’s right to so terminate this Agreement and to receive liquidated damages as aforesaid is Seller’s sole and exclusive remedy. Seller hereby waives, relinquishes and releases any and all other rights and remedies, including but not limited to: (1) any right to ▇▇▇ Purchaser for damages or to prove that Seller’s actual damages exceed the amount which is hereby provided Seller as fully liquidated damages or (2) any other right or remedy which Seller may otherwise have against Purchaser, either at law, or equity or otherwise.