Common use of DEFAULT BY PURCHASER OR SELLER Clause in Contracts

DEFAULT BY PURCHASER OR SELLER. (a) If (i) Purchaser shall default in the payment of the Purchase Price or in the performance of any of its other material obligations to be performed on the Closing Date or (ii) Purchaser shall default in the performance of any of its material obligations to be performed prior to the Closing Date and, with respect to any default under this clause (ii) only, such default shall continue for five (5) business days after notice to Purchaser, then Seller’s sole remedy by reason thereof shall be to terminate this Agreement and, upon such termination, Seller shall be entitled to retain the Deposit as liquidated damages for Purchaser’s default hereunder, it being agreed that the damages by reason of Purchaser’s default are difficult, if not impossible, to ascertain, and thereafter neither Purchaser nor Seller shall have any further rights or obligations under this Agreement except for those that are expressly provided in this Agreement to survive the termination hereof.

DEFAULT BY PURCHASER OR SELLER. (a) If (ix) Purchaser shall default defaults in the payment of the Purchase Price or in on its obligation to acquire the performance Property when it is obligated to do so under the terms of any of its other material obligations to be performed on the Closing Date this Agreement or (iiy) if Purchaser shall default in the performance of any of its material other obligations to be performed prior to on or before the Closing Date and, with respect to any default under this clause (iiy) only, such default shall continue caused actual material damages to Seller and continues for five ten (510) business days after written notice to Purchaser, then Seller, as Seller’s sole remedy by reason thereof and exclusive remedy, shall be entitled to terminate this Agreement and, upon such termination, Seller Seller, in the event of a termination under subsection (x) only, shall be entitled to retain the Deposit and Extension Fee (if deposited hereunder) as liquidated damages for Purchaser’s default hereunder, it being agreed that the damages by reason of Purchaser’s default are difficult, if not impossible, to ascertain, and thereafter neither Purchaser nor and Seller shall have any no further rights or obligations under this Agreement except for those that are expressly provided in this Agreement to survive the termination hereof.

DEFAULT BY PURCHASER OR SELLER. (a) If (i) Purchaser shall default in (i) the payment of the Purchase Price or in (ii) the performance of any of its other material obligations to be performed on the Closing Date or (ii) Purchaser and as a result of such default the transaction contemplated by this Agreement shall default not close in the performance of any of its material obligations to be performed prior to the Closing Date accordance with this Agreement and, with respect to any default under this clause (ii) only), such default shall continue for five (5) business days after notice Notice to Purchaser, then then, provided that Seller is not otherwise in material default under this Agreement, Seller’s 's sole remedy by reason thereof shall be to terminate this Agreement and, upon such termination, Seller the Escrow Agent shall be entitled to retain release the Deposit to Seller, including all accrued interest thereon, as stated, agreed and liquidated damages for Purchaser’s 's default hereunderof this Agreement, it being agreed that the damages by reason of Purchaser’s 's default are difficult, if not impossible, to ascertain, and thereafter neither Purchaser nor and Seller shall have any no further rights or obligations under this Agreement except for those that are expressly provided in this Agreement to survive the termination hereofof this Agreement.