Common use of GUARANTEED PERFORMANCE Clause in Contracts

GUARANTEED PERFORMANCE. By executing this Memorandum of Auction Sale, the Buyer GUARANTIES PAYMENT OF THE PURCHASE PRICE IN THE EVENT OF DEFAULT; upon resale of the Premises for any lesser amount, the Buyer will pay the difference between the Purchase Price and that of the resale purchase price, if any. The Buyer will also pay any and all costs of collecting said difference, if such is needed, including reasonable attorneys' fees, court costs, witness fees, and other expenses of collection. The Buyer shall have no claim to any excess created by a resale of the Premises.