Common use of Default by Seller Clause in Contracts

Default by Seller. (a) In the event of an Event of Default by Seller on or before the Closing Date, then, Purchaser may elect, as its sole and exclusive remedy, to either (i) waive such default and seek specific performance of this Agreement, or (ii) terminate this Agreement by delivering written notice to Seller and Title Company and immediately upon termination by Purchaser, Title Company shall pay to Purchaser, as Purchaser’s sole remedy, the Deposit. If Purchaser elects to seek specific performance, such remedy must be elected by Purchaser, and a lawsuit filed by Purchaser, no later than thirty (30) days following the scheduled Closing Date, otherwise Purchaser shall be deemed to have elected the remedy set forth in subsection (ii) of the preceding sentence. (b) After the Closing, Purchaser’s sole remedy for a breach by Seller of an obligation, liability, representation or warranty that survives Closing shall be for Purchaser to bring an action resulting from any such breach within ninety (90) days of the Closing Date. If for any reason Purchaser does not bring an action within such time period, Purchaser shall be deemed to have forever waived any and all claims against Seller. Further, notwithstanding any provision in this Agreement to the contrary, Seller’s maximum liability for any breach of this Agreement and any other liabilities arising in connection therewith under this Agreement after the Closing shall be limited to Ten Thousand and 00/100 Dollars ($10,000.00), in the aggregate.

Default by Seller. (a) In the event of an Event of Default by Seller on or before the Closing Date, then, Purchaser may elect, as its sole and exclusive remedy, to either (i) waive such default and seek specific performance of this Agreement, or (ii) terminate this Agreement by delivering written notice to Seller and Title Company and immediately upon termination by Purchaser, Title Company shall pay to Purchaser, as Purchaser’s sole remedy, the Deposit. If Purchaser elects to seek specific performance, such remedy must be elected by Purchaser, and a lawsuit filed by Purchaser, no later than thirty (30) days following the scheduled Closing Date, otherwise Purchaser shall be deemed to have elected the remedy set forth in subsection (ii) of the preceding sentence. (b) After the Closing, Purchaser’s sole remedy for a breach by Seller of an obligation, liability, representation or warranty obligation that survives Closing shall be for Purchaser to bring an action resulting from any such breach within ninety (90) days of the Closing Date. If for any reason Purchaser does not bring an action within such time period, Purchaser shall be deemed to have forever waived any and all claims against Seller. Further, notwithstanding any provision in this Agreement to the contrary, Seller’s maximum liability for any breach of this Agreement and any other liabilities arising in connection therewith under this Agreement after the Closing shall be limited to Ten Thousand and 00/100 Dollars ($10,000.00), in the aggregate.

Default by Seller. (a) In the event of an any Event of Default by Seller on or before the Closing Date, then, Purchaser may elect, as its sole and exclusive remedy, to either (i) waive such default and seek specific performance of this Agreement, or (ii) terminate this Agreement by delivering written notice to Seller and Title Company and immediately upon termination by Purchaser, Title Company shall pay to Purchaser, as Purchaser’s sole remedy, the Deposit. If Purchaser elects to seek specific performance, performance such remedy must be elected by Purchaser, and a lawsuit filed by Purchaser, no later than thirty (30) days following the scheduled Closing Date, otherwise Purchaser shall be deemed to have elected the remedy set forth in subsection (ii) of the preceding sentence. (b) After the Closing, Purchaser’s sole remedy for a breach by Seller of an obligation, liability, representation or warranty obligation that survives Closing shall be for Purchaser to bring an action resulting from any such breach within ninety (90) days of the Closing Date. If for any reason Purchaser does not bring an action within such time period, Purchaser shall be deemed to have forever waived any and all claims against Seller. Further, notwithstanding any provision in this Agreement to the contrary, Seller’s maximum liability for any breach of this Agreement and any other liabilities arising in connection therewith under this Agreement after the Closing shall be limited to Ten Thousand and 00/100 Dollars ($10,000.0010,000), in the aggregate.

Default by Seller. (a) In the event the sale of an Event the Property is not consummated because of Default by Seller on or before the Closing Datedefault of Seller, then, Purchaser may electBuyer may, as its sole and exclusive remedyremedy for such default, to either (i) waive such terminate this Agreement by written notice to Seller and Escrow Holder, in which event the ▇▇▇▇▇▇▇ Money Deposit shall be immediately returned to Buyer and Seller shall reimburse Buyer for the reasonable out-of-pocket expenses incurred by Buyer solely in connection with this Agreement from the Effective Date until notice of Seller’s default (the “Reimbursable Costs”), not to exceed Fifteen Thousand and No/100 Dollars ($15,000,00) (which reimbursement shall be subject to Buyer providing evidence to Seller in reasonable detail of Buyer’s Reimbursable Costs, not to exceed Fifteen Thousand and No/100 Dollars ($15,000.00)), or (ii) seek to enforce specific performance of this Agreement, or (ii) terminate this Agreement by delivering written notice In the event Seller interferes with the release of the ▇▇▇▇▇▇▇ Money Deposit to Buyer, then Seller and Title Company and immediately upon termination by Purchaser, Title Company shall pay to Purchaser, as Purchaser’s sole remedy, the Deposit. If Purchaser elects to seek specific performance, such remedy must be elected by Purchaser, and a lawsuit filed by Purchaser, no later than thirty (30) days following the scheduled Closing Date, otherwise Purchaser shall be deemed to have elected liable for all reasonable attorneys’ fees and other costs and expenses which Buyer may incur in connection with Buyer’s enforcement of this Section 16.1. Except for the remedy set forth in subsection (ii) return of the preceding sentence. (b) After the Closing▇▇▇▇▇▇▇ Money Deposit and Buyer’s Reimbursable Costs as provided above, Purchaser’s sole remedy for a breach by Seller of an obligation, liability, representation or warranty that survives Closing shall in no event be for Purchaser liable to bring an action resulting from any such breach within ninety (90) days of the Closing Date. If Buyer for any reason Purchaser does not bring an action within such time periodactual, Purchaser punitive, speculative, consequential or other damages. Notwithstanding the foregoing, nothing contained herein shall be deemed limit the remedies Buyer shall have to have forever waived enforce any rights it has against Seller under the indemnity provisions of Sections 13 and all claims against Seller. Further, notwithstanding any provision in this Agreement to the contrary, Seller’s maximum liability for any breach of this Agreement and any other liabilities arising in connection therewith under this Agreement after the Closing shall be limited to Ten Thousand and 00/100 Dollars ($10,000.00), in the aggregate34.

Default by Seller. If prior to Closing Seller fails to timely comply with any condition, covenant, or obligation of Seller hereunder, and provided that Purchaser is not in default and such failure continues for more than five (a5) In the event of an Event of Default by Seller on or before the Closing Datedays following written notice thereof from Purchaser, then, Purchaser may electsuch failure shall be a default and Purchaser, as its sole and exclusive remedyremedy at law or in equity, shall have the right to either either: (i) waive such default terminate this Agreement by giving written notice thereof to Seller, whereupon the Title Company immediately shall deliver the ▇▇▇▇▇▇▇ Money (and seek specific performance all accrued interest thereon, if any) to Purchaser, free of this Agreementany claims by Seller, or (ii) terminate enforce specific performance of Seller’s obligations under this Agreement by delivering written notice to Seller and Title Company and immediately upon termination by Purchaser, Title Company shall pay to Purchaser, as Purchaser’s sole remedy, the DepositAgreement. If Purchaser elects to seek specific performance, such remedy must be elected by Purchaser, and a lawsuit filed by Purchaser, no later than thirty (30) days following the scheduled Closing Date, otherwise Purchaser shall be deemed to have elected the remedy set forth in subsection (ii) to terminate this Agreement and receive back all of the preceding sentence. (b) After ▇▇▇▇▇▇▇ Money if Purchaser fails to file suit for specific performance against Seller in a court having jurisdiction in the Closingcounty and state in which the Property is located, Purchaser’s sole remedy for a breach by Seller of an obligation, liability, representation on or warranty that survives Closing shall be for Purchaser to bring an action resulting from any such breach within before ninety (90) days of following the date upon which Closing Date. If for any reason Purchaser does not bring an action within such time period, Purchaser shall be deemed was to have forever waived occurred. In no event shall Purchaser be entitled to seek recovery of, or recover, any and all claims against indirect, consequential (including lost profits), exemplary, punitive, or other monetary damages of any kind from Seller. Further, notwithstanding any provision Nothing contained in this Agreement to the contrary, SellerSection 9.1 shall limit or prevent Seller from enforcing Purchaser’s maximum liability for any breach obligations and liabilities which survive a termination of this Agreement and any other liabilities arising in connection therewith under this Agreement after the Closing shall be limited to Ten Thousand and 00/100 Dollars ($10,000.00), in the aggregateAgreement.