{"component": "clause", "props": {"groups": [{"snippet": "IN THE EVENT THE CLOSING AND THE CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED HEREIN DO NOT OCCUR AS PROVIDED HEREIN (TIME BEING OF THE ESSENCE) BY REASON OF ANY DEFAULT OF PURCHASER, PURCHASER AND SELLER AGREE IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO FIX THE DAMAGES WHICH SELLER MAY SUFFER. PURCHASER AND SELLER HEREBY AGREE THAT (i) AN AMOUNT EQUAL TO THE \u2587\u2587\u2587\u2587\u2587\u2587\u2587 MONEY DEPOSIT, TOGETHER WITH ALL INTEREST ACCRUED THEREON, IS A REASONABLE ESTIMATE OF THE TOTAL NET DETRIMENT SELLER WOULD SUFFER IN THE EVENT PURCHASER DEFAULTS AND FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY, AND (ii) SUCH AMOUNT SHALL BE PAID TO SELLER AND WILL BE THE FULL, AGREED AND LIQUIDATED DAMAGES FOR PURCHASER\u2019S DEFAULT AND FAILURE TO COMPLETE THE PURCHASE OF THE PROPERTY, AND WILL BE SELLER\u2019S SOLE AND EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY) FOR ANY DEFAULT OF PURCHASER RESULTING IN THE FAILURE OF CONSUMMATION OF THE CLOSING, WHEREUPON THIS AGREEMENT WILL TERMINATE AND SELLER AND PURCHASER WILL HAVE NO FURTHER RIGHTS OR OBLIGATIONS HEREUNDER, EXCEPT WITH RESPECT TO THE TERMINATION SURVIVING OBLIGATIONS. NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED IN THIS SECTION 13.2 HEREIN WILL LIMIT SELLER\u2019S REMEDIES AT LAW, IN EQUITY OR AS HEREIN PROVIDED IN THE EVENT OF A BREACH BY PURCHASER OF ANY OF THE CLOSING SURVIVING OBLIGATIONS OR THE TERMINATION SURVIVING OBLIGATIONS.", "size": 144, "samples": [{"hash": "hgtQ0WaJi5f", "uri": "/contracts/hgtQ0WaJi5f#default-by-purchaser", "label": "Agreement of Sale and Purchase (Hines Real Estate Investment Trust Inc)", "score": 27.6201229095, "published": true}, {"hash": "fHfYgjDylwd", "uri": "/contracts/fHfYgjDylwd#default-by-purchaser", "label": "Agreement of Sale and Purchase (Hines Real Estate Investment Trust Inc)", "score": 27.6201229095, "published": true}, {"hash": "cFd66ppxF5E", "uri": "/contracts/cFd66ppxF5E#default-by-purchaser", "label": "Sale and Purchase Agreement (Preferred Apartment Communities Inc)", "score": 27.5352497101, "published": true}], "snippet_links": [{"key": "in-the-event-the", "type": "clause", "offset": [0, 16]}, {"key": "transactions-contemplated-herein", "type": "clause", "offset": [53, 85]}, {"key": "time-being-of-the-essence", "type": "clause", "offset": [119, 144]}, {"key": "default-of-purchaser", "type": "clause", "offset": [163, 183]}, {"key": "purchaser-and-seller", "type": "clause", "offset": [185, 205]}, {"key": "equal-to", "type": "definition", "offset": [357, 365]}, {"key": "the-\u2587", "type": "clause", "offset": [366, 371]}, {"key": "money-deposit", "type": "clause", "offset": [378, 391]}, {"key": "interest-accrued", "type": "clause", "offset": [411, 427]}, {"key": "reasonable-estimate", "type": "clause", "offset": [442, 461]}, {"key": "the-total", "type": "clause", "offset": [465, 474]}, {"key": "purchaser-defaults", "type": "clause", "offset": [522, 540]}, {"key": "purchase-of-the-property", "type": "clause", "offset": [567, 591]}, {"key": "to-seller", "type": "clause", "offset": [628, 637]}, {"key": "for-purchaser", "type": "definition", "offset": [690, 703]}, {"key": "failure-to-complete", "type": "clause", "offset": [718, 737]}, {"key": "sole-and-exclusive-remedy", "type": "clause", "offset": [789, 814]}, {"key": "consummation-of-the-closing", "type": "clause", "offset": [902, 929]}, {"key": "this-agreement", "type": "clause", "offset": [941, 955]}, {"key": "purchaser-will", "type": "clause", "offset": [986, 1000]}, {"key": "no-further-rights-or-obligations", "type": "clause", "offset": [1006, 1038]}, {"key": "with-respect-to", "type": "clause", "offset": [1057, 1072]}, {"key": "termination-surviving-obligations", "type": "definition", "offset": [1077, 1110]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1112, 1141]}, {"key": "section-132", "type": "clause", "offset": [1169, 1181]}, {"key": "remedies-at-law", "type": "clause", "offset": [1209, 1224]}, {"key": "breach-by-purchaser", "type": "clause", "offset": [1276, 1295]}, {"key": "closing-surviving-obligations", "type": "definition", "offset": [1310, 1339]}], "hash": "b6035f35a3a89206c7d3e903edaabd66", "id": 1}, {"snippet": "In the event the Closing and the consummation of the transactions contemplated herein do not occur as provided herein, and if the Closing does not occur by reason of any default of Purchaser, Purchaser and Seller agree it would be impractical and extremely difficult to fix the damages which Seller may suffer. Purchaser and Seller hereby agree that (a) an amount equal to the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money Deposit, together with all interest accrued thereon, is a reasonable estimate of the total net detriment Seller would suffer in the event Purchaser defaults and fails to complete the purchase of the Property, and (b) such amount will be the full, agreed and liquidated damages for Purchaser\u2019s default and failure to complete the purchase of the Property, and will be Seller\u2019s sole and exclusive remedy (whether at law or in equity) for any default by Purchaser resulting in the failure of consummation of the Closing, whereupon this Agreement will terminate and Seller and Purchaser will have no further rights or obligations hereunder, except with respect to the Termination Surviving Obligations. The payment of such amount as liquidated damages is not intended as a forfeiture or penalty but is intended to constitute liquidated damages to Seller. Notwithstanding the foregoing, nothing contained herein will limit Seller\u2019s remedies at law, in equity or as herein provided in the event of a breach by Purchaser of any of the Termination Surviving Obligations.", "size": 49, "samples": [{"hash": "jgZRgSLHLUJ", "uri": "/contracts/jgZRgSLHLUJ#default-by-purchaser", "label": "Agreement of Sale and Purchase (Mack Cali Realty L P)", "score": 25.1560573578, "published": true}, {"hash": "iB7yizqU01Z", "uri": "/contracts/iB7yizqU01Z#default-by-purchaser", "label": "Agreement of Sale and Purchase (Mack Cali Realty L P)", "score": 25.1560573578, "published": true}, {"hash": "cG0gpmyfJG", "uri": "/contracts/cG0gpmyfJG#default-by-purchaser", "label": "Agreement of Sale and Purchase (Mack Cali Realty L P)", "score": 25.1560573578, "published": true}], "snippet_links": [{"key": "in-the-event-the", "type": "clause", "offset": [0, 16]}, {"key": "transactions-contemplated-herein", "type": "clause", "offset": [53, 85]}, {"key": "default-of-purchaser", "type": "clause", "offset": [170, 190]}, {"key": "purchaser-and-seller", "type": "clause", "offset": [192, 212]}, {"key": "equal-to", "type": "definition", "offset": [364, 372]}, {"key": "the-\u2587", "type": "clause", "offset": [373, 378]}, {"key": "money-deposit", "type": "clause", "offset": [385, 398]}, {"key": "interest-accrued", "type": "clause", "offset": [418, 434]}, {"key": "reasonable-estimate", "type": "clause", "offset": [449, 468]}, {"key": "the-total", "type": "clause", "offset": [472, 481]}, {"key": "purchaser-defaults", "type": "clause", "offset": [529, 547]}, {"key": "purchase-of-the-property", "type": "clause", "offset": [574, 598]}, {"key": "for-purchaser", "type": "definition", "offset": [668, 681]}, {"key": "failure-to-complete", "type": "clause", "offset": [696, 715]}, {"key": "sole-and-exclusive-remedy", "type": "clause", "offset": [767, 792]}, {"key": "consummation-of-the-closing", "type": "clause", "offset": [880, 907]}, {"key": "this-agreement", "type": "clause", "offset": [919, 933]}, {"key": "purchaser-will", "type": "clause", "offset": [964, 978]}, {"key": "no-further-rights-or-obligations", "type": "clause", "offset": [984, 1016]}, {"key": "with-respect-to", "type": "clause", "offset": [1035, 1050]}, {"key": "termination-surviving-obligations", "type": "definition", "offset": [1055, 1088]}, {"key": "payment-of", "type": "definition", "offset": [1094, 1104]}, {"key": "liquidated-damages-to-seller", "type": "clause", "offset": [1212, 1240]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1242, 1271]}, {"key": "nothing-contained", "type": "definition", "offset": [1273, 1290]}, {"key": "remedies-at-law", "type": "clause", "offset": [1318, 1333]}, {"key": "breach-by-purchaser", "type": "clause", "offset": [1385, 1404]}], "hash": "b3e37e6c17d5eb0e80d5fd0740a8781d", "id": 3}, {"snippet": "If, on or prior to Closing, Purchaser shall have made any representation or warranty herein which shall be untrue or misleading in any material respect, or if Purchaser shall fail to perform any of the covenants and agreements contained herein to be performed by it, Seller, as its sole and exclusive remedy at law or in equity, may terminate this Agreement and retain the Deposit, as liquidated damages and not as a penalty. The parties agree that in the event of such a default, it would be extremely difficult or impossible to determine Seller\u2019s actual damages and that the liquidated damages amount is a reasonable estimate thereof. Following any such termination, no party shall have any rights or obligations hereunder except for the Surviving Obligations.", "size": 20, "samples": [{"hash": "8jRPcpAVUWb", "uri": "/contracts/8jRPcpAVUWb#default-by-purchaser", "label": "Purchase and Sale Agreement (Adcare Health Systems, Inc)", "score": 26.6125946045, "published": true}, {"hash": "jEnPdVnRgTt", "uri": "/contracts/jEnPdVnRgTt#default-by-purchaser", "label": "Purchase and Sale Agreement (Global Healthcare Reit, Inc.)", "score": 25.9582481384, "published": true}, {"hash": "85MD3sJAogy", "uri": "/contracts/85MD3sJAogy#default-by-purchaser", "label": "Purchase and Sale Agreement (Global Healthcare Reit, Inc.)", "score": 25.9582481384, "published": true}], "snippet_links": [{"key": "prior-to-closing", "type": "clause", "offset": [10, 26]}, {"key": "representation-or-warranty", "type": "clause", "offset": [58, 84]}, {"key": "material-respect", "type": "definition", "offset": [135, 151]}, {"key": "covenants-and-agreements", "type": "clause", "offset": [202, 226]}, {"key": "performed-by", "type": "clause", "offset": [250, 262]}, {"key": "remedy-at-law", "type": "clause", "offset": [301, 314]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [333, 357]}, {"key": "the-deposit", "type": "clause", "offset": [369, 380]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [426, 448]}, {"key": "in-the-event-of", "type": "definition", "offset": [449, 464]}, {"key": "a-default", "type": "definition", "offset": [470, 479]}, {"key": "to-determine", "type": "definition", "offset": [527, 539]}, {"key": "actual-damages", "type": "clause", "offset": [549, 563]}, {"key": "liquidated-damages-amount", "type": "definition", "offset": [577, 602]}, {"key": "reasonable-estimate", "type": "clause", "offset": [608, 627]}, {"key": "no-party", "type": "clause", "offset": [669, 677]}, {"key": "rights-or-obligations", "type": "clause", "offset": [693, 714]}, {"key": "surviving-obligations", "type": "definition", "offset": [740, 761]}], "hash": "23f12580bde71974c9451a362d0368fd", "id": 7}, {"snippet": "The parties acknowledge that in the event of an Event of Default by Purchaser, Seller\u2019s actual damages would be extremely difficult or impracticable to determine, therefore, the parties agree that the amount of the Deposit plus the Purchaser\u2019s Premium has been agreed upon as the parties\u2019 reasonable estimate of Seller\u2019s damages, and in the event that Purchaser fails to perform all of Purchaser\u2019s obligations under this Agreement, and any such failure continues for five (5) Business Days after written notice (which written notice shall detail such failure), the Deposit made hereunder by Purchaser, together with all interest thereon, shall be paid to Seller, and Purchaser shall also pay to Seller the Purchaser\u2019s Premium as liquidated damages and such shall be Seller\u2019s sole and exclusive remedy at law or in equity for any default by Purchaser under this Agreement. NOTHING IN THIS SECTION 6.02 SHALL BE DEEMED IN ANY WAY TO LIMIT, AFFECT OR IMPAIR ANY OF PURCHASER\u2019S INDEMNITIES OR OBLIGATIONS THAT SURVIVE THE TERMINATION OF THIS AGREEMENT OR LIMIT OR IMPAIR SELLER FROM PURSUING ANY REMEDIES AVAILABLE TO SELLER AT LAW OR IN EQUITY AS A RESULT OF SUCH INDEMNIFICATIONS OR OTHER OBLIGATIONS OF PURCHASER THAT SURVIVE THE TERMINATION OF THIS AGREEMENT.", "size": 29, "samples": [{"hash": "hrUyrkX4CTd", "uri": "/contracts/hrUyrkX4CTd#default-by-purchaser", "label": "Auction Purchase and Sale Agreement", "score": 28.5304985046, "published": true}, {"hash": "hQ6NIgJF87t", "uri": "/contracts/hQ6NIgJF87t#default-by-purchaser", "label": "Auction Purchase and Sale Agreement", "score": 28.5304985046, "published": true}, {"hash": "1dhD6zAcTe0", "uri": "/contracts/1dhD6zAcTe0#default-by-purchaser", "label": "Auction Purchase and Sale Agreement", "score": 28.5304985046, "published": true}], "snippet_links": [{"key": "the-parties-acknowledge", "type": "clause", "offset": [0, 23]}, {"key": "in-the-event-of", "type": "definition", "offset": [29, 44]}, {"key": "an-event-of-default", "type": "definition", "offset": [45, 64]}, {"key": "actual-damages", "type": "clause", "offset": [88, 102]}, {"key": "to-determine", "type": "definition", "offset": [149, 161]}, {"key": "the-parties-agree-that", "type": "clause", "offset": [174, 196]}, {"key": "deposit-plus", "type": "definition", "offset": [215, 227]}, {"key": "the-purchaser", "type": "definition", "offset": [228, 241]}, {"key": "been-agreed", "type": "clause", "offset": [256, 267]}, {"key": "reasonable-estimate", "type": "clause", "offset": [289, 308]}, {"key": "of-seller", "type": "clause", "offset": [309, 318]}, {"key": "obligations-under-this-agreement", "type": "clause", "offset": [398, 430]}, {"key": "days-after", "type": "definition", "offset": [485, 495]}, {"key": "written-notice", "type": "clause", "offset": [496, 510]}, {"key": "to-seller", "type": "clause", "offset": [652, 661]}, {"key": "pay-to", "type": "definition", "offset": [688, 694]}, {"key": "liquidated-damages", "type": "clause", "offset": [729, 747]}, {"key": "remedy-at-law", "type": "clause", "offset": [794, 807]}, {"key": "nothing-in-this-section", "type": "clause", "offset": [872, 895]}, {"key": "agreement-or", "type": "definition", "offset": [1038, 1050]}, {"key": "available-to", "type": "definition", "offset": [1101, 1113]}, {"key": "obligations-of-purchaser", "type": "clause", "offset": [1187, 1211]}], "hash": "e8350c350e54b1c6facbe97e7f7fc2bc", "id": 4}, {"snippet": "If Purchaser, without the right to do so and in default of its obligations hereunder, fails to complete Settlement or otherwise materially breaches any of its representations, warranties or agreements hereunder, the entire Deposit shall be immediately paid to Seller. Such payment or delivery of the entire Deposit to Seller shall be deemed liquidated damages for Purchaser\u2019s default and the receipt of all such funds shall be Seller\u2019s exclusive and sole remedy, and Seller hereby waives any right to recover the balance of the Purchase Price, or any part thereof, and the right to pursue any other remedy permitted at law or in equity against Purchaser; provided, however, that the foregoing provisions of this Section 11 shall not limit (a) any obligation of Purchaser under this Agreement or any document delivered at Settlement, that requires performance after Settlement, or any term of this Agreement or such document that survives the expiration or earlier termination hereof, (b) Seller\u2019s right to elect waiver of such uncured default and proceed to Settlement, (c) Purchaser\u2019s repair or indemnification obligations to Seller as described in Section 14 below, or (d) Seller\u2019s rights or remedies with respect to any of the foregoing. Purchaser shall in no event have or make or create any cloud on the title to the Property or any part thereof, and hereby waives and relinquishes any such claims against the Property, including, but not limited to, the filing or recording of any lien, lis pendens, affidavit, claim or action affecting title to the Property or any part thereof. Without limiting the generality of the foregoing, Purchaser shall not have, and hereby waives, any vendees\u2019 lien against the Property. The foregoing shall not limit Seller\u2019s remedies under Section 18(i) below.", "size": 74, "samples": [{"hash": "aI5gfEOoNcZ", "uri": "/contracts/aI5gfEOoNcZ#default-by-purchaser", "label": "Purchase and Sale Agreement", "score": 27.4339485168, "published": true}, {"hash": "hYS1zXUdfT9", "uri": "/contracts/hYS1zXUdfT9#default-by-purchaser", "label": "Purchase and Sale Agreement", "score": 27.2354545593, "published": true}, {"hash": "9nq7d0Enbxv", "uri": "/contracts/9nq7d0Enbxv#default-by-purchaser", "label": "Purchase and Sale Agreement", "score": 26.930185318, "published": true}], "snippet_links": [{"key": "the-right", "type": "clause", "offset": [22, 31]}, {"key": "in-default", "type": "clause", "offset": [45, 55]}, {"key": "complete-settlement", "type": "clause", "offset": [95, 114]}, {"key": "to-seller", "type": "clause", "offset": [257, 266]}, {"key": "delivery-of-the", "type": "clause", "offset": [284, 299]}, {"key": "seller-shall", "type": "clause", "offset": [318, 330]}, {"key": "for-purchaser", "type": "definition", "offset": [360, 373]}, {"key": "receipt-of", "type": "clause", "offset": [392, 402]}, {"key": "sole-remedy", "type": "definition", "offset": [450, 461]}, {"key": "hereby-waives", "type": "clause", "offset": [474, 487]}, {"key": "right-to-recover", "type": "clause", "offset": [492, 508]}, {"key": "balance-of-the-purchase-price", "type": "clause", "offset": [513, 542]}, {"key": "right-to-pursue", "type": "clause", "offset": [573, 588]}, {"key": "other-remedy", "type": "clause", "offset": [593, 605]}, {"key": "section-11", "type": "definition", "offset": [712, 722]}, {"key": "obligation-of-purchaser", "type": "clause", "offset": [747, 770]}, {"key": "agreement-or", "type": "definition", "offset": [782, 794]}, {"key": "at-settlement", "type": "clause", "offset": [818, 831]}, {"key": "after-settlement", "type": "clause", "offset": [859, 875]}, {"key": "term-of-this-agreement", "type": "definition", "offset": [884, 906]}, {"key": "expiration-or-earlier-termination", "type": "clause", "offset": [942, 975]}, {"key": "waiver-of", "type": "clause", "offset": [1012, 1021]}, {"key": "uncured-default", "type": "definition", "offset": [1027, 1042]}, {"key": "indemnification-obligations", "type": "definition", "offset": [1096, 1123]}, {"key": "section-14", "type": "definition", "offset": [1150, 1160]}, {"key": "rights-or-remedies", "type": "clause", "offset": [1184, 1202]}, {"key": "with-respect-to", "type": "clause", "offset": [1203, 1218]}, {"key": "in-no-event", "type": "clause", "offset": [1257, 1268]}, {"key": "title-to-the-property", "type": "clause", "offset": [1309, 1330]}, {"key": "not-limited", "type": "clause", "offset": [1440, 1451]}, {"key": "lis-pendens", "type": "clause", "offset": [1493, 1504]}, {"key": "without-limiting-the-generality-of-the-foregoing", "type": "clause", "offset": [1586, 1634]}], "hash": "c7a03a29afea210970b1e8e7e188d2c1", "id": 2}, {"snippet": "In the event the sale of the Property as contemplated hereunder is not consummated due to Purchaser's default hereunder, Seller shall be entitled, as its sole remedy, to terminate this Agreement and receive the Deposit as liquidated damages for the breach of this Agreement, it being agreed between the parties hereto that the actual damages to Seller in the event of such breach are impractical to ascertain and the amount of the Deposit is a reasonable estimate thereof.", "size": 24, "samples": [{"hash": "6Vz5cmGvtcQ", "uri": "/contracts/6Vz5cmGvtcQ#default-by-purchaser", "label": "Purchase and Sale Agreement (Metlife Inc)", "score": 19.1498966217, "published": true}, {"hash": "jewJtNsmiZo", "uri": "/contracts/jewJtNsmiZo#default-by-purchaser", "label": "Purchase and Sale Agreement (Metlife Inc)", "score": 18.0, "published": true}, {"hash": "eYULeJ55f2P", "uri": "/contracts/eYULeJ55f2P#default-by-purchaser", "label": "Purchase and Sale Agreement (Metlife Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "sale-of-the-property", "type": "clause", "offset": [17, 37]}, {"key": "to-purchaser", "type": "clause", "offset": [87, 99]}, {"key": "default-hereunder", "type": "clause", "offset": [102, 119]}, {"key": "seller-shall", "type": "clause", "offset": [121, 133]}, {"key": "sole-remedy", "type": "definition", "offset": [154, 165]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [170, 194]}, {"key": "liquidated-damages-for", "type": "clause", "offset": [222, 244]}, {"key": "breach-of-this-agreement", "type": "definition", "offset": [249, 273]}, {"key": "the-parties-hereto", "type": "clause", "offset": [299, 317]}, {"key": "actual-damages", "type": "clause", "offset": [327, 341]}, {"key": "to-seller", "type": "clause", "offset": [342, 351]}, {"key": "in-the-event-of", "type": "definition", "offset": [352, 367]}, {"key": "reasonable-estimate", "type": "clause", "offset": [444, 463]}], "hash": "a4578ded1eb484a422584ac9e4697bf5", "id": 5}, {"snippet": "Should Purchaser fail to close as provided in this Agreement, Purchaser will be in default. Upon default by Purchaser, Seller\u2019s and Auction Firm\u2019s liability hereunder to Purchaser shall absolutely cease, and Auction Firm shall be entitled to retain the Purchaser\u2019s Deposit. If Purchaser has not paid the Buyer\u2019s Deposit in full or if Auction Firm has incurred any expenses due to default by Purchaser, and Purchaser has made payment(s) to Seller, then, upon notice from Auction Firm to the Seller, any payment(s) by Purchaser to Seller (\u201cPayments to Seller\u201d) shall be remitted to Auction Firm by the Seller and shall be subject to use as reimbursement to Auction Firm for any expenses incurred by Auction Firm due to default of Purchaser. The Buyer\u2019s Deposit and the Payment to Seller shall be apportioned to Auction Firm and Seller in the following manner: Auction Firm will retain the amount it would have received as the Buyer\u2019s Premium at settlement plus compensation for any expenses it incurred due to default by Purchaser, and Seller will retain the remainder. Additionally, Auction Firm may resort to any other action or remedy in law or equity that may be available.", "size": 18, "samples": [{"hash": "3YtjFma6ws1", "uri": "/contracts/3YtjFma6ws1#default-by-purchaser", "label": "Purchase Agreement", "score": 32.36926651, "published": true}, {"hash": "b12qSMIT88Z", "uri": "/contracts/b12qSMIT88Z#default-by-purchaser", "label": "Purchase Agreement", "score": 32.0434036255, "published": true}, {"hash": "hrt1yzIGgIJ", "uri": "/contracts/hrt1yzIGgIJ#default-by-purchaser", "label": "Purchase Agreement", "score": 32.0327339172, "published": true}], "snippet_links": [{"key": "in-this-agreement", "type": "clause", "offset": [43, 60]}, {"key": "will-be-in-default", "type": "clause", "offset": [72, 90]}, {"key": "upon-default", "type": "clause", "offset": [92, 104]}, {"key": "auction-firm", "type": "definition", "offset": [132, 144]}, {"key": "to-purchaser", "type": "clause", "offset": [167, 179]}, {"key": "the-purchaser", "type": "definition", "offset": [249, 262]}, {"key": "the-buyer", "type": "clause", "offset": [300, 309]}, {"key": "upon-notice", "type": "clause", "offset": [453, 464]}, {"key": "to-the-seller", "type": "definition", "offset": [483, 496]}, {"key": "by-purchaser-to-seller", "type": "clause", "offset": [513, 535]}, {"key": "payments-to-seller", "type": "clause", "offset": [538, 556]}, {"key": "by-the-seller", "type": "clause", "offset": [593, 606]}, {"key": "subject-to", "type": "clause", "offset": [620, 630]}, {"key": "expenses-incurred", "type": "definition", "offset": [676, 693]}, {"key": "default-of-purchaser", "type": "clause", "offset": [717, 737]}, {"key": "seller-shall", "type": "clause", "offset": [778, 790]}, {"key": "at-settlement", "type": "clause", "offset": [940, 953]}, {"key": "compensation-for", "type": "clause", "offset": [959, 975]}, {"key": "seller-will", "type": "clause", "offset": [1034, 1045]}, {"key": "other-action", "type": "definition", "offset": [1113, 1125]}], "hash": "46f06241e529aaf6af5df47505dc369d", "id": 10}, {"snippet": "ALL EARNEST MONEY DEPOSITED INTO THE \u2587\u2587\u2587\u2587\u2587\u2587 IS TO SECURE THE TIMELY PERFORMANCE BY PURCHASER OF ITS OBLIGATIONS AND UNDERTAKINGS UNDER THIS AGREEMENT. IN THE EVENT OF A DEFAULT OF THE PURCHASER UNDER THE PROVISIONS OF THIS AGREEMENT, SELLER SHALL RETAIN ALL OF THE EARNEST MONEY AND THE INTEREST T\u2587\u2587\u2587\u2587\u2587\u2587 AS SELLER'S SOLE RIGHT TO DAMAGES OR ANY OTHER REMEDY, EXCEPT FOR PURCHASER'S OBLIGATIONS TO INDEMNIFY SELLER AND RESTORE THE PROPERTY AS SET FORTH IN PARAGRAPH 7.1 HEREOF. THE PARTIES HAVE AGREED THAT SELLER'S ACTUAL DAMAGES, IN THE EVENT OF A DEFAULT BY PURCHASER, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICAL TO DETERMINE. THEREFORE, BY PLACING THEIR INITIALS BELOW, THE PARTIES ACKNOWLEDGE THAT THE EARNEST MONEY HAS BEEN AGREED UP\u2587\u2587, \u2587\u2587\u2587ER NEGOTIATION, AS THE PARTIES' REASONABLE ESTIMATE OF SELLER'S DAMAGES.", "size": 21, "samples": [{"hash": "irpvfI1EOP8", "uri": "/contracts/irpvfI1EOP8#default-by-purchaser", "label": "Sale Agreement (Balcor Colonial Storage Income Fund 86)", "score": 18.0, "published": true}, {"hash": "bSty83Yns0O", "uri": "/contracts/bSty83Yns0O#default-by-purchaser", "label": "Sale Agreement (Balcor Colonial Storage Income Fund 86)", "score": 18.0, "published": true}, {"hash": "2ZuVCCyMeE9", "uri": "/contracts/2ZuVCCyMeE9#default-by-purchaser", "label": "Agreement of Sale (Balcor Realty Investors 85 Series I)", "score": 18.0, "published": true}], "snippet_links": [{"key": "earnest-money", "type": "definition", "offset": [4, 17]}, {"key": "the-\u2587", "type": "clause", "offset": [33, 38]}, {"key": "to-secure", "type": "clause", "offset": [47, 56]}, {"key": "performance-by-purchaser", "type": "clause", "offset": [68, 92]}, {"key": "obligations-and-undertakings", "type": "clause", "offset": [100, 128]}, {"key": "default-of-the-purchaser", "type": "clause", "offset": [169, 193]}, {"key": "provisions-of-this-agreement", "type": "clause", "offset": [204, 232]}, {"key": "seller-shall", "type": "clause", "offset": [234, 246]}, {"key": "the-interest", "type": "clause", "offset": [283, 295]}, {"key": "as-seller", "type": "clause", "offset": [304, 313]}, {"key": "right-to-damages", "type": "clause", "offset": [321, 337]}, {"key": "other-remedy", "type": "clause", "offset": [345, 357]}, {"key": "for-purchaser", "type": "definition", "offset": [366, 379]}, {"key": "obligations-to-indemnify", "type": "clause", "offset": [382, 406]}, {"key": "the-property", "type": "clause", "offset": [426, 438]}, {"key": "agreed-that", "type": "clause", "offset": [494, 505]}, {"key": "actual-damages", "type": "clause", "offset": [515, 529]}, {"key": "to-determine", "type": "definition", "offset": [615, 627]}, {"key": "the-parties-acknowledge", "type": "clause", "offset": [673, 696]}, {"key": "been-agreed", "type": "clause", "offset": [724, 735]}, {"key": "reasonable-estimate", "type": "clause", "offset": [777, 796]}, {"key": "of-seller", "type": "clause", "offset": [797, 806]}], "hash": "a5e45526c95e3209c1c3ee70a508ff5c", "id": 6}, {"snippet": "If Purchaser breaches, in any material respect, any of its representations or warranties or covenants or obligations to be performed by Purchaser under this Agreement and such breach continues for a period of ten (10) days (or such additional period, up to a total of sixty (60) days, as may be reasonably required to cure such breach) after receipt of notice thereof from Seller then Seller may, as its sole and exclusive remedy before the Closing terminate this Agreement, whereupon the Deposit shall be released to Seller as liquidated damages and not as a penalty. It is understood and agreed that for purposes of this Section 10.2, if a default results from a false representation or warranty, such default shall be deemed cured if the events, conditions, acts or omissions giving rise to the falsehood are cured within the applicable cure period even though, as a technical matter, such representation or warranty was false as of the date actually made. The foregoing limitation on Seller's remedies shall not apply to any breach by Purchaser of (i) a representation or warranty under this Agreement that Seller asserts after the Closing in accordance with Section 7; or (ii) any covenants or obligations to be performed after the Closing by Purchaser under this Agreement. Notwithstanding anything to the contrary contained herein, Seller's remedies with respect to the failure of a condition precedent to Seller's obligation to close shall be governed by Section 5 and this Section 10.2 shall not apply such failure of a condition precedent. IN THE EVENT THAT THE PROPERTY IS NOT TRANSFERRED FROM SELLER TO PURCHASER AS A CONSEQUENCE OF DEFAULT BY PURCHASER, PURCHASER AND SELLER ACKNOWLEDGE AND AGREE THAT SELLER'S ACTUAL DAMAGES WOULD BE EXTREMELY DIFFICULT AND IMPRACTICABLE TO ASCERTAIN AND THEREFORE, BY PLACING THEIR SIGNATURES BELOW, PURCHASER AND SELLER ACKNOWLEDGE THAT THE AMOUNT OF MONEY EXISTING FROM TIME TO TIME HEREUNDER AS THE DEPOSIT HAS BEEN AGREED UPON, AFTER NEGOTIATION, TO BE THEIR REASONABLE ESTIMATE OF SELLER'S DAMAGES AND TO BE SELLER'S SOLE AND EXCLUSIVE REMEDY AGAINST PURCHASER IN THE EVENT OF SUCH A DEFAULT BY PURCHASER UNDER THIS AGREEMENT. SELLER: PURCHASER: By: By: ----------------------------------- ----------------------------------", "size": 20, "samples": [{"hash": "f4P5n4k2DIc", "uri": "/contracts/f4P5n4k2DIc#default-by-purchaser", "label": "Purchase and Sale Agreement (Apple Hospitality Five Inc)", "score": 18.0, "published": true}], "snippet_links": [{"key": "material-respect", "type": "definition", "offset": [30, 46]}, {"key": "representations-or-warranties", "type": "clause", "offset": [59, 88]}, {"key": "covenants-or-obligations", "type": "clause", "offset": [92, 116]}, {"key": "performed-by", "type": "clause", "offset": [123, 135]}, {"key": "period-of", "type": "clause", "offset": [199, 208]}, {"key": "additional-period", "type": "definition", "offset": [232, 249]}, {"key": "notice-thereof", "type": "clause", "offset": [353, 367]}, {"key": "from-seller", "type": "clause", "offset": [368, 379]}, {"key": "sole-and-exclusive-remedy", "type": "clause", "offset": [404, 429]}, {"key": "before-the-closing", "type": "clause", "offset": [430, 448]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [449, 473]}, {"key": "the-deposit", "type": "clause", "offset": [485, 496]}, {"key": "to-seller", "type": "clause", "offset": [515, 524]}, {"key": "liquidated-damages", "type": "clause", "offset": [528, 546]}, {"key": "it-is-understood-and-agreed-that", "type": "definition", "offset": [569, 601]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [602, 630]}, {"key": "a-default", "type": "definition", "offset": [640, 649]}, {"key": "false-representation-or-warranty", "type": "clause", "offset": [665, 697]}, {"key": "default-shall", "type": "definition", "offset": [704, 717]}, {"key": "deemed-cured", "type": "definition", "offset": [721, 733]}, {"key": "the-events", "type": "clause", "offset": [737, 747]}, {"key": "acts-or-omissions", "type": "definition", "offset": [761, 778]}, {"key": "applicable-cure-period", "type": "definition", "offset": [829, 851]}, {"key": "technical-matter", "type": "definition", "offset": [870, 886]}, {"key": "the-foregoing", "type": "clause", "offset": [960, 973]}, {"key": "limitation-on-seller", "type": "clause", "offset": [974, 994]}, {"key": "breach-by-purchaser", "type": "clause", "offset": [1029, 1048]}, {"key": "after-the-closing", "type": "clause", "offset": [1126, 1143]}, {"key": "in-accordance-with-section-7", "type": "clause", "offset": [1144, 1172]}, {"key": "notwithstanding-anything-to-the-contrary-contained", "type": "clause", "offset": [1280, 1330]}, {"key": "with-respect-to", "type": "clause", "offset": [1357, 1372]}, {"key": "failure-of-a-condition-precedent", "type": "clause", "offset": [1377, 1409]}, {"key": "obligation-to-close", "type": "clause", "offset": [1422, 1441]}, {"key": "section-5", "type": "definition", "offset": [1463, 1472]}, {"key": "the-property", "type": "clause", "offset": [1568, 1580]}, {"key": "to-purchaser", "type": "clause", "offset": [1612, 1624]}, {"key": "consequence-of-default", "type": "clause", "offset": [1630, 1652]}, {"key": "purchaser-and-seller", "type": "clause", "offset": [1667, 1687]}, {"key": "acknowledge-and-agree", "type": "clause", "offset": [1688, 1709]}, {"key": "actual-damages", "type": "clause", "offset": [1724, 1738]}, {"key": "from-time-to-time", "type": "clause", "offset": [1916, 1933]}, {"key": "been-agreed", "type": "clause", "offset": [1963, 1974]}, {"key": "reasonable-estimate", "type": "clause", "offset": [2012, 2031]}, {"key": "of-seller", "type": "clause", "offset": [2032, 2041]}, {"key": "in-the-event-of", "type": "definition", "offset": [2115, 2130]}], "hash": "da8ffa0cd583d16d1543e7bd36b54668", "id": 9}, {"snippet": "If the sale of the Property as contemplated hereunder is not consummated due to Purchaser\u2019s default hereunder, Seller shall be entitled, as its sole and exclusive remedy, to terminate this Agreement and receive the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money as liquidated damages for the failure of Purchaser to close the purchase of the Property as obligated hereunder and not as a penalty, it being agreed between the parties hereto that the actual damages to Seller in the event of such breach are impractical to ascertain and the amount of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money is a reasonable estimate thereof, Seller hereby expressly waiving and relinquishing any and all other remedies at law or in equity. The right to retain the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money as full liquidated damages is Seller\u2019s sole and exclusive remedy in the event of default hereunder by Purchaser, and Seller hereby waives and releases any right to (and hereby covenants that they shall not) \u2587\u2587\u2587 Purchaser: (a) for specific performance of this Agreement, or (b) to recover actual damages in excess of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money. Purchaser hereby waives and releases any right to (and hereby covenants that it shall not) \u2587\u2587\u2587 Seller or seek or claim a refund of the \u2587\u2587\u2587\u2587\u2587\u2587\u2587 Money (or any part thereof) on the grounds it is unreasonable in amount and exceeds Seller\u2019s actual damages or that its retention by Seller constitutes a penalty and not agreed upon and reasonable liquidated damages. This Section 6.1 is subject to Section 6.4 hereof.", "size": 20, "samples": [{"hash": "8ikXpHkrtNU", "uri": "/contracts/8ikXpHkrtNU#default-by-purchaser", "label": "Purchase and Sale Agreement (Carter Validus Mission Critical REIT II, Inc.)", "score": 28.4688568115, "published": true}, {"hash": "dqOlvEFwVHo", "uri": "/contracts/dqOlvEFwVHo#default-by-purchaser", "label": "Purchase and Sale Agreement (Corporate Office Properties Trust)", "score": 21.0, "published": true}], "snippet_links": [{"key": "sale-of-the-property", "type": "clause", "offset": [7, 27]}, {"key": "to-purchaser", "type": "clause", "offset": [77, 89]}, {"key": "default-hereunder", "type": "clause", "offset": [92, 109]}, {"key": "seller-shall", "type": "clause", "offset": [111, 123]}, {"key": "sole-and-exclusive-remedy", "type": "clause", "offset": [144, 169]}, {"key": "terminate-this-agreement", "type": "clause", "offset": [174, 198]}, {"key": "the-\u2587", "type": "clause", "offset": [211, 216]}, {"key": "liquidated-damages-for", "type": "clause", "offset": [232, 254]}, {"key": "failure-of-purchaser", "type": "clause", "offset": [259, 279]}, {"key": "purchase-of-the-property", "type": "clause", "offset": [293, 317]}, {"key": "the-parties-hereto", "type": "clause", "offset": [387, 405]}, {"key": "actual-damages", "type": "clause", "offset": [415, 429]}, {"key": "to-seller", "type": "clause", "offset": [430, 439]}, {"key": "in-the-event-of", "type": "definition", "offset": [440, 455]}, {"key": "reasonable-estimate", "type": "clause", "offset": [538, 557]}, {"key": "remedies-at-law-or-in-equity", "type": "clause", "offset": [635, 663]}, {"key": "right-to", "type": "definition", "offset": [669, 677]}, {"key": "event-of-default", "type": "definition", "offset": [775, 791]}, {"key": "by-purchaser", "type": "clause", "offset": [802, 814]}, {"key": "hereby-waives", "type": "clause", "offset": [827, 840]}, {"key": "performance-of-this-agreement", "type": "clause", "offset": [942, 971]}, {"key": "retention-by-seller", "type": "clause", "offset": [1301, 1320]}, {"key": "not-agreed", "type": "definition", "offset": [1347, 1357]}, {"key": "section-61", "type": "clause", "offset": [1403, 1414]}, {"key": "section-64", "type": "clause", "offset": [1429, 1440]}], "hash": "c08b23851df1e6b3f2a21dec0e833134", "id": 8}], "next_curs": "Cl0SV2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjkLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ih1kZWZhdWx0LWJ5LXB1cmNoYXNlciMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"title": "Default by Purchaser", "size": 1098, "children": [["notices", "Notices"], ["governing-law", "Governing Law"], ["events-of-default-by-purchaser", "Events of Default by PURCHASER"], ["remedies", "Remedies"], ["notice-of-default-cure-termination", "Notice of Default/Cure/Termination"]], "parents": [["default", "Default"], ["remedies", "Remedies"], ["defaults-and-remedies", "Defaults and Remedies"], ["default-and-remedies", "Default and Remedies"], ["indemnification-and-default", "Indemnification and Default"]], "id": "default-by-purchaser", "related": [["default-by-buyer", "Default by Buyer", "Default by Buyer"], ["default-by-seller", "Default by Seller", "Default by Seller"], ["default-by-owner", "Default by Owner", "Default by Owner"], ["default-by-lessee", "Default by Lessee", "Default by Lessee"], ["default-by-state", "Default by State", "Default by State"]], "related_snippets": [], "updated": "2026-05-28T04:23:29+00:00", "also_ask": [], "drafting_tip": "Specify default events, outline remedies, and set cure periods to clarify obligations, ensure fairness, and support enforceability.", "explanation": "The 'Default by Purchaser' clause defines the consequences and remedies available if the buyer fails to fulfill their contractual obligations, such as making payments or completing required actions by specified deadlines. Typically, this clause outlines the steps the seller may take in response to a default, which can include terminating the agreement, retaining deposits, or seeking damages. Its core practical function is to protect the seller by providing clear recourse in the event of a purchaser's non-performance, thereby allocating risk and encouraging timely compliance."}, "json": true, "cursor": ""}}