Common use of Initial Cash Payment Clause in Contracts

Initial Cash Payment. Buyer shall have paid in cash to Builder in an Initial Cash Payment in the amount of $ 10,000.00 at the signing of the Reservation Agreement. A second deposit of $ 15,000.00 shall be paid by the Buyer AT SIGNING OF THIS CONTRACT (that shall be known as the “Deposit”) held by ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Holdings, LLC to be paid as a portion of the Total Sales Price, which shall be retained by the Builder as liquidated damages if this Contract is terminated for any reason other than a Builder's Event of Default (as defined below) or Builder's Termination Right (as defined below). Builder and Buyer agree that it is not possible to calculate the exact amount of damages that Builder will suffer if this Contract is terminated for a reason other than the Builder being in default and this amount is a reasonable approximation of the damages. This amount is not intended by the parties to be a penalty in any way.