Buyer Default Clause Samples

Buyer Default. (a) This Agreement may be terminated by the Sellers prior to the earliest to occur of (x) the Closing and (y) the Initial Closing if: (i) (A) the Buyer shall have breached any representation or warranty or failed to comply with any obligation or covenant applicable to the Buyer that would cause any condition to Closing set forth in Section 5.1 not to be satisfied, and such condition to Closing is incapable of being satisfied by the earlier of (x) the six (6) month anniversary of the date of this Agreement (the “Outside Date”) and (y) ten (10) Business Days after the giving of written notice by the Sellers to the Buyer of such breach or failure, or (B) the Buyer shall have breached any representation or warranty or failed to comply with any obligation or covenant applicable to the Buyer that would cause any condition to Closing set forth in Section 5.1 of such Other PSA not to be satisfied, and such condition to Closing to such Other PSA Closing is incapable of being satisfied by the earlier of (x) the Outside Date and (y) ten (10) Business Days after the giving of written notice by the Sellers to the Buyer of such breach or failure; provided, however, that if the Initial Closing does not occur solely as a result of the Buyer’s failure to satisfy its obligation set forth in Section 5.1(d), then the Sellers may terminate this Agreement at any time prior to the Outside Date; provided that the Sellers shall not have the right to terminate this Agreement pursuant to this Section 13.1(a)(i) if any of the Sellers are then in material breach of any of their covenants or agreements set forth in this Agreement; or (ii) a final, nonappealable order, writ, judgment, injunction, decree, law, or regulation permanent restraining or prohibiting the transfer of the Transferred Assets is entered by or with any Governmental Authority. (b) In the event this Agreement is terminated pursuant to Section 13.1(a), (i) then the Sellers shall be required to terminate each Other PSA pursuant to Section 13.1(a) of each Other PSA, and (ii) this Agreement shall be null and void and of no further force or effect and neither party shall have any rights or obligations against or to the other except (A) for those provisions hereof which by their terms expressly survive the termination of this Agreement and

Buyer Default. IN THE EVENT THE SALE OF THE PROPERTY IS NOT CONSUMMATED SOLELY BECAUSE OF A DEFAULT UNDER THIS AGREEMENT OR THE OTHER PROPERTY PURCHASE AGREEMENT ON THE PART OF BUYER FOLLOWING NOTICE TO BUYER AND FIVE (5) DAYS THEREAFTER DURING WHICH PERIOD BUYER MAY CURE THE DEFAULT, SELLER MAY DECLARE THIS AGREEMENT AND THE OTHER PROPERTY PURCHASE AGREEMENT TERMINATED, IN WHICH CASE THE DEPOSIT SHALL BE PAID TO AND RETAINED BY SELLER AS LIQUIDATED DAMAGES. THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT THE SALE OF THE PROPERTY IS NOT CONSUMMATED SOLELY BECAUSE OF A DEFAULT BY BUYER, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. THEREFORE, BY PLACING THEIR INITIALS BELOW, THE PARTIES ACKNOWLEDGE THAT THE DEPOSIT HAS BEEN AGREED UPON, AFTER NEGOTIATION, AS THE PARTIES’ REASONABLE ESTIMATE OF SELLER’S DAMAGES AND AS SELLER’S SOLE AND EXCLUSIVE REMEDY AGAINST BUYER, AT LAW OR IN EQUITY, IN THE EVENT THE SALE OF THE PROPERTY IS NOT CONSUMMATED SOLELY BECAUSE OF A DEFAULT UNDER THIS AGREEMENT ON THE PARTY OF BUYER AND EACH PARTY SHALL THEREUPON BE RELIEVED OF ALL FURTHER OBLIGATIONS AND LIABILITIES, EXCEPT ANY WHICH SURVIVE TERMINATION. SELLER HEREBY WAIVES ALL OTHER CLAIMS FOR DAMAGES OR RELIEF AT LAW OR IN EQUITY (INCLUDING, WITHOUT LIMITATION, ANY RIGHTS TO SPECIFIC PERFORMANCE THAT SELLER MAY HAVE PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1680, 3384, 3387 OR 3389, OR OTHERWISE).

Buyer Default. If the sale contemplated hereby is not consummated because of a material default by Buyer in its obligation to purchase the Property in accordance with the terms of this Agreement, after Seller has performed or tendered performance of all of its material obligations in accordance with this Agreement, then, upon written notice from Seller to Buyer, (a) this Agreement shall terminate; (b) the Deposit shall be paid to and retained by Seller as liquidated damages; and (c) Seller and Buyer shall have no further obligations to each other, except those which expressly survive the termination of this Agreement. Buyer and Seller acknowledge that the damages to Seller in the event of such a breach of this Agreement by Buyer would be difficult or impossible to determine, that the amount of the Deposit represents the parties’ best and most accurate estimate of the damages that would be suffered by Seller if the transaction should fail to close and that such estimate is reasonable under the circumstances existing as of the date of this Agreement and under the circumstances that Seller and Buyer reasonably anticipate would exist at the time of such breach. Buyer and Seller agree that Seller’s right to retain the Deposit shall be Seller’s sole remedy, at law and in equity, for Buyer’s failure to purchase the Property in accordance with the terms of this Agreement. Seller hereby waives any right to an action for specific performance of any provisions of this Agreement.

Buyer Default. If Buyer fails, neglects or refuses to perform Buyer’s obligations under this Contract, including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the Deposit for the account of Seller as agreed upon liquidated damages, consideration for execution of this Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further obligations under this Contract, or Seller, at Seller’s option, may, pursuant to Paragraph 16, proceed in equity to enforce Seller’s rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon default by Buyer, shall be split equally between Listing Broker and Cooperating Broker; provided however, Cooperating Broker’s share shall not be greater than the commission amount Listing Broker had agreed to pay to Cooperating Broker.

Buyer Default. The occurrence at any time of the following events with respect to Buyer shall constitute a “Buyer Default”:

Buyer Default. Buyer is in default in the event the monthly payment is not made within ninety (90) days of the monthly due date or in the event insurance or taxes are not paid within ninety (90) days after notice to buyer to pay the insurance or taxes. Seller’s Remedy If buyer defaults, seller shall have the right to proceed to protect his or her legal interest using any and all available legal means. Pursuant to New York State law, seller shall not proceed on default in village, town, or city court. Seller Default Seller is in default if seller does not provide buyer with warranty deed within thirty (30) days of final payment. If buyer must take legal action to enforce this contract and the court decision is made in favor of buyer, seller shall be liable for buyer’s attorney fees and court costs. Transfer of Deed Seller agrees to complete, sign and hold in escrow in his/her attorney’s office, a Warranty Deed conveying a good and marketable title to the premises described in this contract, except for encumbrances that may be caused by the acts or omissions of buyer after the parties sign this contract. Seller agrees to complete and sign the following documents at the time of the signing of this contract: Combined Real Estate Transfer Tax Return and Credit Line Mortgage (TP-584), Natural Person Mortgagee Affidavit of Exemption, All Inclusive Affidavit, Real Property Transfer Report (RP-5217), Certificate of Non-foreign Status, Smoke Alarm Affidavit, Septic System Affidavit, and Water Affidavit. Seller agrees to present these documents to buyer at the time of the signing of this contract. Seller agrees to deliver the Warranty Deed to buyer within thirty (30) days of the receipt of the final payment pursuant to this contract. The deed shall be the usual warranty deed and in proper statutory short form for recording. It shall be duly executed and acknowledged by seller at seller’s expense, so as to convey to buyer the fee simple interest of the premises, free of all liens and encumbrances. An escrow agreement naming the agent and assigning custody of the signed documents will be signed by both parties. Seller agrees to obtain at seller’s expense an abstract of title covering forty (40) years showing clear and marketable title and to provide this abstract of title to buyer at or before the signing of this contract. Seller further agrees to carry out a ten-year real property tax search and to provide the results of this search to the buyer at or before the signing of this cont...

Buyer Default. If Buyer defaults, Seller may elect one of the following remedies: (a) cancel the REPC and retain the ▇▇▇▇▇▇▇ Money Deposit, or Deposits, if applicable, as liquidated damages; (b) maintain the ▇▇▇▇▇▇▇ Money Deposit, or Deposits, if applicable, in trust and ▇▇▇ Buyer to specifically enforce the REPC; or (c) return the ▇▇▇▇▇▇▇ Money Deposit, or Deposits, if applicable, to Buyer and pursue any other remedies available at law.

Buyer Default. If Buyer fails, neglects or refuses to perform Buyer’s obligations under this Contract, 273 including payment of the Deposit, within the time(s) specified, Seller may elect to recover and retain the 274 Deposit for the account of Seller as agreed upon liquidated damages, consideration for execution of this 275 Contract, and in full settlement of any claims, whereupon Buyer and Seller shall be relieved from all further 276 obligations under this Contract, or Seller, at Seller’s option, may, pursuant to Paragraph 16, proceed in equity 277 to enforce Seller’s rights under this Contract. The portion of the Deposit, if any, paid to Listing Broker upon 278 default by Buyer, shall be split equally between Listing Broker and Cooperating Broker; provided however, 279 Cooperating Broker’s share shall not be greater than the commission amount Listing Broker had agreed to pay 280 to Cooperating Broker.

Buyer Default. If (a) the sale contemplated hereby is not consummated because of a default by Buyer in its obligation to purchase the Property in accordance with the terms of this Agreement, (b) Seller has performed or tendered performance of all of its material obligations in accordance with this Agreement, and (c) Seller has provided Buyer written notice of such default(s), then, if Buyer fails to cure such default within three (3) Business Days of receipt of such notice: (i) this Agreement shall terminate; (ii) Buyer shall return all Property Information to Seller; (iii) the Deposit shall be paid to and retained by Seller as liquidated damages; and (iv) Seller and Buyer shall have no further obligations to each other except those which survive the termination of this Agreement. Buyer and Seller acknowledge that the damages to Seller in the event of a breach of this Agreement by Buyer would be difficult or impossible to determine, that the amount of the Deposit represents the parties’ best and most accurate estimate of the damages that would be suffered by Seller if the transaction should fail to close and that such estimate is reasonable under the circumstances existing as of the date of this Agreement and under the circumstances that Seller and Buyer reasonably anticipate would exist at the time of such breach. Buyer and Seller agree that Seller’s right to retain the Deposit shall be Seller’s sole remedy, at law and in equity, for Buyer’s failure to purchase the Property in accordance with the terms of this Agreement. Seller hereby waives any right to an action for specific performance of any provisions of this Agreement. Notwithstanding the foregoing, this provision will not limit Seller’s right to receive reimbursement for attorneys’ fees pursuant to this Agreement, nor waive or affect Buyer’s indemnity obligations and Seller’s rights to those indemnity obligations under this Agreement.