Action if Closing Does Not Occur Sample Clauses

Action if Closing Does Not Occur. If the sale and purchase herein provided is not closed on or before March 21, 2003, and if the failure to close such sale and purchase is the result of a breach by SELLERS of their covenants, promises and agreements herein made, then on the request of PURCHASER made after such date, the Escrow Agent will promptly remit and refund to PURCHASER all of such sum so deposited and the interest then accumulated or accrued thereon. The request of PURCHASER for return of such deposit shall constitute a waiver and release by it of any claim for specific performance of this agreement but shall not constitute a release or waiver of any other remedy available to it at law or in equity as a result of such breach by SELLERS. If the sale and purchase herein provided is not closed on or before March 21, 2003, and if the failure to close such sale and purchase is the result of a breach by PURCHASER of its covenants, promises and agreements herein made, the Escrow Agent shall remit and pay to SELLERS all of such sum so deposited and the interest accumulated or earned thereon, and such sum shall be received by SELLERS as liquidated damages for such breach. Such payment of liquidation damages shall be SELLERS’ sole remedy against PURCHASER for such breach. If the sale and purchase herein provided is not closed on or before March 21, 2003, and if the failure to close such sale and purchase is not the result of a breach by either PURCHASER or SELLER of their covenants, promises and agreements herein made, the Escrow Agent shall remit and pay to PURCHASER all of such sum so deposited and the interest accumulated or earned thereon.