LTI’s Default Clause Samples

LTI’s Default. If the sale and purchase of the Property contemplated by this Agreement is not consummated on account of default by LTI, City’s sole remedies shall be to: (i) terminate this Agreement by giving written notice of such termination to LTI and all rights, duties and obligations of all the parties here-under shall expire and this Agreement shall in all respects terminate except for any rights, liability or obligation which by its terms survives any termination of this Agreement or (ii) City may seek specific performance of this Agreement, provided such claim for specific performance is filed within six (6) months of such default by LTI.