Common use of Default of Buyer Clause in Contracts

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 breaches this Agreement(a) PRIOR TO ENTERING INTO THIS TRANSACTION, 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 damagesBUYER AND SELLER HAVE BEEN CONCERNED WITH THE FACT THAT SUBSTANTIAL DAMAGES WILL BE SUFFERED BY SELLER IN THE EVENT OF BUYER’S DEFAULT UNDER THIS AGREEMENT. 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 WITH THE CONTRARY FLUCTUATION IN THIS AGREEMENT AND, SPECIFICALLY, THIS SECTION 16LAND VALUES, THE INDEMNITY OBLIGATIONS UNPREDICTABLE STATE OF THE BUYER UNDER THIS AGREEMENT ARE SEPARATE ECONOMY AND DISTINCT OBLIGATIONS OF GOVERNMENTAL REGULATIONS, THE FLUCTUATING MARKET FOR REAL ESTATE LOANS OF ALL TYPES, AND OTHER FACTORS WHICH DIRECTLY AFFECT THE VALUE AND MARKETABILITY OF THE BUYER PROPERTY, IT IS REALIZED BY THE PARTIES THAT ARE IT WOULD BE EXTREMELY DIFFICULT AND IMPRACTICABLE, IF NOT SUBJECT IMPOSSIBLE, TO THE LIQUIDATED DAMAGE PROVISIONS CONTAINED IN THIS SECTION 16. FURTHER, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, THE LIQUIDATED DAMAGE PROVISIONS ASCERTAIN WITH ANY DEGREE OF THIS SECTION 16 WILL NOT ACT TO LIMIT CERTAINTY THE AMOUNT OF DAMAGES RECOVERABLE WHICH WOULD BE SUFFERED BY SELLER AGAINST IN THE EVENT OF BUYER’S DEFAULT UNDER THIS AGREEMENT. THEREFORE, IN THE EVENT BUYER UNDER A.R.S. SECTIONS 12-1103DEFAULTS IN ITS OBLIGATION TO CLOSE THE PURCHASE OF THE PROPERTY, 12-1191 THE DEPOSIT SHALL BE PAID OR 33-420, OR RECOVERABLE DELIVERED TO AND RETAINED BY SELLER AGAINST BUYER IF BUYER, WITHOUT LEGAL RIGHT, RECORDS A LIS PENDENS OR OTHER DOCUMENT OR INSTRUMENT THAT IMPAIRS OR COULD IMPAIR AS LIQUIDATED DAMAGES WHICH (SUBJECT TO PARAGRAPH (b) OF THIS SECTION 13) SHALL BE SELLER’S ABILITY SOLE REMEDY HEREUNDER BY REASON OF SUCH DEFAULT. THE PARTIES HERETO EXPRESSLY AGREE AND ACKNOWLEDGE THAT THE AMOUNT OF THE DEPOSIT REPRESENTS THE PARTIES’ REASONABLE ESTIMATE OF SELLER’S DAMAGES IN THE EVENT OF SUCH DEFAULT. BUYER AND SELLER EXPRESSLY AGREE THAT THE FOREGOING LIQUIDATED DAMAGES PROVISION IS NOT INTENDED TO SELL DEFINE OR LIMIT ANY INDEMNITY LIABILITY OF BUYER TO SELLER UNDER THIS AGREEMENT OR ANY PROVISION CONTAINED IN THIS AGREEMENT FOR THE PROPERTY TO ANOTHER PURCHASERPAYMENT OF ATTORNEYS FEES.

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 to indemnify and hold Escrow Holder harmless from and against any loss (including, without limitation, attorneys' fees) arising out of or incurred in connection with the release of the Deposit to Seller. The parties hereto expressly acknowledge that it would be impractical and extremely difficult is impossible to estimate more precisely the actual 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 may 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 specixxx performance of this Agreement or (ii) to prove that Seller's actual damages resulting from such default exceed the Deposit which are 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 covxxxnts that it shall not sue) Seller or Escrxx Holder to recover the 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. Notwithstanding anything in this Section 12.2 to the contrary, in the event of any default by Buyer hereunder other than in Buyer. This remedy provision has been agreed-upon after specific negotiation's obligations to purchase the Property, keeping in mind the difficulties in estimating actual damages. Buyer there shall be no liquidated damages with respect to such default, and Seller agree that the Deposit represents a reasonable estimate shall have all 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 PURCHASERits rights and remedies available at law or in equity with respect to such default.

Default of Buyer. If Buyer breaches this Agreement(a) PRIOR TO ENTERING INTO THIS TRANSACTION, 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 damagesBUYER AND SELLER HAVE BEEN CONCERNED WITH THE FACT THAT SUBSTANTIAL DAMAGES WILL BE SUFFERED BY SELLER IN THE EVENT OF BUYER’S DEFAULT UNDER THIS AGREEMENT. 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 WITH THE CONTRARY FLUCTUATION IN THIS AGREEMENT AND, SPECIFICALLY, THIS SECTION 16LAND VALUES, THE INDEMNITY OBLIGATIONS UNPREDICTABLE STATE OF THE BUYER UNDER THIS AGREEMENT ARE SEPARATE ECONOMY AND DISTINCT OBLIGATIONS OF GOVERNMENTAL REGULATIONS, THE FLUCTUATING MARKET FOR REAL ESTATE LOANS OF ALL TYPES, AND OTHER FACTORS WHICH DIRECTLY AFFECT THE VALUE AND MARKETABILITY OF THE BUYER PROPERTY, IT IS REALIZED BY THE PARTIES THAT ARE IT WOULD BE EXTREMELY DIFFICULT AND IMPRACTICABLE, IF NOT SUBJECT IMPOSSIBLE, TO THE LIQUIDATED DAMAGE PROVISIONS CONTAINED IN THIS SECTION 16. FURTHER, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, THE LIQUIDATED DAMAGE PROVISIONS ASCERTAIN WITH ANY DEGREE OF THIS SECTION 16 WILL NOT ACT TO LIMIT CERTAINTY THE AMOUNT OF DAMAGES RECOVERABLE WHICH WOULD BE SUFFERED BY SELLER AGAINST IN THE EVENT OF BUYER’S DEFAULT UNDER THIS AGREEMENT. THEREFORE, IN THE EVENT BUYER UNDER A.R.S. SECTIONS 12-1103DEFAULTS IN ITS OBLIGATION TO CLOSE THE PURCHASE OF THE PROPERTY, 12-1191 OR 33-420, OR RECOVERABLE THE DOWNPAYMENT SHALL BE RELEASED TO AND RETAINED BY SELLER AGAINST BUYER IF BUYER, WITHOUT LEGAL RIGHT, RECORDS A LIS PENDENS OR OTHER DOCUMENT OR INSTRUMENT THAT IMPAIRS OR COULD IMPAIR AS LIQUIDATED DAMAGES WHICH (SUBJECT TO PARAGRAPH (b) OF THIS SECTION 13) SHALL BE SELLER’S ABILITY SOLE REMEDY HEREUNDER BY REASON OF SUCH DEFAULT. THE PARTIES HERETO EXPRESSLY AGREE AND ACKNOWLEDGE THAT THE AMOUNT OF THE DOWNPAYMENT REPRESENTS THE PARTIES’ REASONABLE ESTIMATE OF SELLER’S DAMAGES IN THE EVENT OF SUCH DEFAULT. BUYER AND SELLER EXPRESSLY AGREE THAT THE FOREGOING LIQUIDATED DAMAGES PROVISION IS NOT INTENDED TO SELL DEFINE OR LIMIT ANY INDEMNITY LIABILITY OF BUYER TO SELLER UNDER THIS AGREEMENT OR ANY PROVISION CONTAINED IN THIS AGREEMENT FOR THE PROPERTY TO ANOTHER PURCHASERPAYMENT OF ATTORNEYS FEES.