Default of Buyer. 9.01. The occurrence of one or more of the following events shall constitute a default by Buyer hereunder:
Default of Buyer. If these terms and conditions are not strictly observed by the Buyer, the Seller may in its absolute discretion, refuse to supply to the Buyer and the Seller shall not be liable to the Buyer for any loss or damage the Buyer may sustain as a result of such refusal. The costs of collection of any amounts outstanding under any Sales Invoice (together with the fees of any mercantile agent or lawyer engaged by the Seller)following such refusal to supply become due and payable by the Buyer immediately upon notice of such refusal to supply being provided to the Buyer by the Seller.
Default of Buyer. If Buyer breaches this Agreement, such breach will be a default by Buyer under this Agreement and Seller, as its sole remedy, will be entitled to deliver a notice of immediate cancellation to Buyer and Escrow Agent and retain the entire Deposit as full, liquidated, and agreed-upon damages. With the fluctuation in land values, the unpredictable state of the economy, the fluctuating money market for real estate loans, and other factors that affect the marketability of the Project, Buyer and Seller agree that it would be impractical and extremely difficult to estimate the actual damages that Seller may suffer in the event of a default by Buyer. This remedy provision has been agreed-upon after specific negotiation, keeping in mind the difficulties in estimating actual damages. Buyer and Seller agree that the Deposit represents a reasonable estimate of the total damages. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT AND, SPECIFICALLY, THIS SECTION 16, THE INDEMNITY OBLIGATIONS OF THE BUYER UNDER THIS AGREEMENT ARE SEPARATE AND DISTINCT OBLIGATIONS OF THE BUYER THAT ARE NOT SUBJECT TO THE LIQUIDATED DAMAGE PROVISIONS CONTAINED IN THIS SECTION 16. FURTHER, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, THE LIQUIDATED DAMAGE PROVISIONS OF THIS SECTION 16 WILL NOT ACT TO LIMIT THE AMOUNT OF DAMAGES RECOVERABLE BY SELLER AGAINST BUYER UNDER A.R.S. SECTIONS 12-1103, 12-1191 OR 33-420, OR RECOVERABLE BY SELLER AGAINST BUYER IF BUYER, WITHOUT LEGAL RIGHT, RECORDS A LIS PENDENS OR OTHER DOCUMENT OR INSTRUMENT THAT IMPAIRS OR COULD IMPAIR SELLER’S ABILITY TO SELL THE PROPERTY TO ANOTHER PURCHASER.
Default of Buyer. If Buyer fails or refuses to consummate the transaction contemplated by this Contract, for any reason other than termination of this Contract by Buyer pursuant to a right to do so expressly set forth in this Contract, then such event shall constitute a default by Buyer hereunder and the Seller may, as the Seller's sole and exclusive remedy for such default, either (i) bring an action against the Buyer for specific performance of the Buyer's obligations under this Contract, or (ii) terminate this Contract by giving written notice thereof to Buyer and the Title Company at or prior to the Closing Date, whereupon the Title Company shall deliver the Earnxxx Xxxey Deposit (including the interest earned thereon) to the Seller which shall constitute liquidated damages hereunder and thereafter neither party hereto shall have any further rights or obligations hereunder. It is agreed that the Earnxxx Xxxey Deposit is a reasonable forecast of just compensation for the harm that would be caused by such default, which the parties agree is one that is incapable or very difficult of accurate estimation, and that payment of the Earnxxx Xxxey Deposit upon such default shall constitute full satisfaction of Buyer's obligations hereunder.
Default of Buyer. Buyer and Seller agree to indemnify and hold Title Company harmless from and against any loss (including, without limitation, reasonable attorneys' fees) arising out of or incurred in connection with the release of the Deposit to Seller. The parties hereto expressly acknowledge that it is impossible to estimate more precisely the damages to be suffered by Seller upon Buyer's default in its obligation to purchase the Property, and that retention of the Deposit is intended not as a penalty, but as full liquidated damages. The parties further acknowledge that the amount of the Deposit is a reasonable estimate by the parties of the amount of probable loss that Seller should be expected to suffer in the event the sale and purchase of the Property is not closed because of Buyer's default. Seller's right to retain the Deposit as full liquidated damages is Seller's sole and exclusive remedy in the event of default hereunder by Buyer with respect to its obligation to purchase the Property, and Seller hereby waives and releases any right to (and hereby covenants that it shall not) sue Buyer (i) for specifix xerformance of this Agreement or (ii) to prove that Seller's actual damages resulting from such default exceed the Deposit which is hereby provided Seller as full liquidated damages. In the event the purchase and sale contemplated in this Agreement is not consummated because of Buyer's default, Buyer hereby waives and releases any right to sue (and hereby covenants txxx it shall not sue) Seller or Title Companx xo recover the Deposit or any part thereof on the grounds that it is unreasonable in amount or that its retention by Seller is a penalty and not agreed upon and reasonable liquidated damages.
Default of Buyer. Buyer shall be in default of its obligations under this Agreement if: (a) Buyer fails to perform any material obligation under this Agreement within the time required for performance; or b) Buyer fails to complete its purchase of the Property as and when required under this Agreement. In the event that Buyer defaults with respect to the performance of any or all of its obligations under this Agreement and Buyer agrees with such default and such default continues for a period of thirty (30) days after delivery of written notice thereof from Sellers, Sellers shall be entitled to retain the Escrow Deposit, as damages in full settlement of all claims, and this Agreement thereupon shall be deemed null and void. This shall be the sole and exclusive remedy of Sellers in the event of any default by the Buyer under this Agreement.
Default of Buyer. If Buyer breaches this Contract, Seller, as its sole remedy, will be entitled to deliver a notice of immediate cancellation to Buyer and Escrow Agent and be paid the Xxxxxxx Money, as full, liquidated, and agreed-upon damages for Buyer's breach or default. With the fluctuation in land values, the unpredictable state of the economy, the fluctuating money market for real estate loans, and other factors that affect the marketability of the Property, Buyer and Seller agree that it would be impractical and extremely difficult to estimate the actual damages that Seller may suffer in the event of a default by Buyer. This remedy provision has been agreed upon after specific negotiation, keeping in mind the difficulties in estimating actual damages. Buyer and Seller agree that the Xxxxxxx Money represents a reasonable estimate of the total damages.
Default of Buyer. In the event that buyer defaults with respect to the performance of its obligations under this Agreement, within the time specified, including the payment of all deposits, the Escrow Deposit paid by Buyer and any deposits agreed to be paid may be recovered and retained by and for the account of the Seller as agreed upon liquidated damages, consideration for the execution of this Agreement and in full settlement of any claims; whereupon Buyer and Seller shall be relieved of all obligations under this agreement, or at Seller's option, may proceed in equity to enforce Seller's rights under this agreement. Additionally, Seller shall have any other rights and remedies allowed in law or equity.
Default of Buyer. If Buyer defaults with respect to the performance of any or all of its obligations under this Agreement and such default continues for a period of five (5) days after delivery of written notice thereof from Seller to Buyer (other than in the event of failure to close on the Closing Date, which shall require no notice or cure period), Seller may elect to seek specific performance of this Agreement. This shall be the sole and exclusive remedy of Seller in the event of any default by Buyer under this Agreement, except that Seller shall be entitled to all remedies allowed under Florida law with regard to Buyer’s repair, payment and indemnity obligations set forth in Section 5.
Default of Buyer. If Buyer fails or refuses to consummate the transaction contemplated by this Contract, for any reason other than the permitted termination of this Contract by Buyer pursuant to a right to do so expressly set forth in this Contract, then such event shall constitute a default by Buyer hereunder and the Seller may, as the Seller's sole and exclusive remedy for such default, either (i) bring an action against the Buyer for specific performance of the Buyer's obligations under this Contract, or (ii) terminate this Contract by giving written notice thereof to Buyer and the Title Company at or prior to the Closing Date, whereupon the Title Company shall deliver the Xxxxxxx Money Deposit (including the interest earned thereon) to the Seller which shall constitute liquidated damages hereunder and thereafter neither party hereto shall have any further rights or obligations hereunder. Additionally, should a termination of the Contract arise and Seller is entitled to remedies available to it under this Section 8.1, and in fact elects the remedies available to it under Section 8.1(ii), then Buyer shall remain liable and obligated to pay to Seller the Break-up Fee under Section 2.3(a) and any unpaid Additional Sums under Section 2.3(b) for the period specified therein. The Break-up Fee and any unpaid Additional Sums owed by Buyer are due and payable promptly after written demand is made, if Buyer is otherwise obligated to pay same as prescribed herein. It is agreed that the Xxxxxxx Money Deposit, the Break-up Fee and the Additional Sums are a reasonable forecast of just compensation for the harm that would be caused by such default, which the parties agree is one that is incapable or very difficult of accurate estimation, and that payment of the sums set out herein upon such default shall constitute full satisfaction of Buyer's obligations hereunder.
