Common use of Certificate of Completion and Possession Clause in Contracts

Certificate of Completion and Possession. The Purchaser acknowledges and agrees that notwithstanding anything to the contrary herein contained, the Purchaser will not be permitted to take occupancy of the Dwelling, and the Vendor shall have no obligation to close the transaction of Purchase and Sale herein provided for, unless and until the Purchaser executes the said Certificate, and in addition to, and without limiting the recourse to any other right, cause of action and/or remedy which the Vendor may have under this Agreement, at law and/or in equity, the Vendor may terminate this Agreement and the Vendor shall be entitled to retain that portion of the deposit which has to that point been paid as liquidated damages and not as a penalty and the Purchaser shall have no further right or interest in the Land or the Dwelling.