Defaults by Purchaser. 3. In the event PURCHASER fails to make any payments due under this Contract, fails or refuses to sign any documents required to close title, refuses to pay any costs required by this Contract or fails to keep any promises made by PURCHASER pursuant to this Contract, SELLER shall provide written notice of PURCHASER's failure (also known as a default). If PURCHASER fails to correct said default within fifteen (15) days after receipt of notice from SELLER, SELLER may terminate this Contract, and retain the down payment made hereunder. The amount retained by SELLER shall be considered "liquidated damages" based upon an understanding between the parties hereto that SELLER will have suffered damages due to the withdrawal of the PREMISES from sale to the general public. The damages suffered by SELLER as a result will be substantial, but incapable of determination with mathematical precision. It is, therefore, agreed by the parties that the amount retained by SELLER is not a penalty, but rather a mutually beneficial estimate of damages suffered by SELLER.
Defaults by Purchaser. 3. In the event PURCHASER fails to make any payments due under this Contract, fails or refuses to sign any documents required to close title, refuses to pay any costs required by this Contract or fails to keep any material promises made by PURCHASER pursuant to this Contract, SELLER shall provide written notice of PURCHASER'S failure (also known as a "willful default"). If PURCHASER fails to correct a willful default within fifteen (15) days after receipt of notice from SELLER, SELLER may terminate this Contract, and retain the downpayment made hereunder. The amount retained by Seller shall be considered "liquidated damages" based upon an understanding between the parties hereto that SELLER will have suffered damages due to the withdrawal of the PREMISES from sale to the general public. The damages suffered by SELLER as a result thereof will be substantial, but incapable of determination with mathematical precision. It is, therefore, agreed by the parties that the amount retained by SELLER is not a penalty, but rather a mutually beneficial estimate of the damages suffered by SELLER. Defaults by Seller: 4. If SELLER willfully defaults hereunder, PURCHASER shall have such remedies as PURCHASER is entitled to at law or in equity, including, but not limited to, specific performance.
Defaults by Purchaser. If there is any default by Purchaser under --------------------- this Contract, following notice to Purchaser and 10 days during which Purchaser may cure the default, then Seller may, as its sole remedy, declare this Contract terminated, in which case the Deposit shall be paid to Seller and each party shall thereupon be relieved of all further obligations and liabilities, except any which expressly survive termination. In the event this Contract is terminated due to the default of Purchaser hereunder, Purchaser shall deliver to Seller, at no cost to Seller, all right, title and interest in all plans and specifications regarding any construction which Purchaser planned to complete on the Property along with Purchaser's Reports regarding the Property, including, but not limited to inspections, soils, environmental and economic feasibility plans.
Defaults by Purchaser. If a purchaser fails to accept delivery and/or make payment for an Instrument, the Dealer will forthwith notify the Issuing and Paying Agent and/or the Issuing and Paying Agent will forthwith notify Euroclear or Clearstream, Luxembourg, as the case may be, the Dealer and the Issuer by telephone, email or fax, confirmed in writing. The Issuing and Paying Agent will not be required to risk or advance its own funds in connection with any payment to the Issuer. The Issuing and Paying Agent will only, save as otherwise provided in the Agency Agreement, make payment to the Issuer to the extent that funds are provided to it for such purpose.
