Common use of Contributor’s Default Clause in Contracts

Contributor’s Default. If the Closing does not occur by reason of a default of a Contributor, TRT may terminate this Agreement, in which event (A) Contributors shall reimburse TRT for TRT’s actual out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to the negotiation of this Agreement and the transactions contemplated hereby and TRT’s due diligence, up to a maximum of $250,000, (B) the ▇▇▇▇▇▇▇ Money Deposit shall be returned to TRT, (C) Contributors shall pay any cancellation charges of Title Company (including escrow charges), and (D) all parties shall be discharged from all duties and performance hereunder, except for any obligations which by their terms survive any termination of this Agreement. The remedy set forth in this Section shall be TRT’s sole and exclusive remedy for any default of a Contributor resulting in the failure of the consummation of the Closing, whereupon this Agreement will terminate and TRT expressly waives its right to seek damages if a Contributors defaults.

Contributor’s Default. If the Closing does not occur by reason of a default of a Contributor, TRT may terminate this Agreement, in which event (A) Contributors shall reimburse TRT for TRT’s 's actual out-of-pocket costs and expenses (including reasonable attorneys’ ' fees, costs and disbursements) related to the negotiation of this Agreement and the transactions contemplated hereby and TRT’s 's due diligence, up to a maximum of $250,000, (B) the ▇▇▇▇▇▇▇ Money Deposit shall be returned to TRT, (C) Contributors shall pay any cancellation charges of Title Company (including escrow charges), and (D) all parties shall be discharged from all duties and performance hereunder, except for any obligations which by their terms survive any termination of this Agreement. The remedy set forth in this Section shall be TRT’s 's sole and exclusive remedy for any default of a Contributor resulting in the failure of the consummation of the Closing, whereupon this Agreement will terminate and TRT expressly waives its right to seek damages if a Contributors defaults.