Common use of Performance Remedies Clause in Contracts

Performance Remedies. (A) Buyer shall be deemed to be in default hereunder upon the occurrence of any of the following events (“Events of Default”): (1) Buyer shall fail to pay the Total Purchase Price or any other payment due hereunder the Sale Agreement; (2) any representation or warranty of Buyer shall have been untrue in any material respect when made, or, any information submitted by Buyer to Seller shall be false or misleading in any material respect; or (3) Buyer shall have defaulted under any other agreement with ▇▇▇▇▇▇▇▇ Scotsman. If an Event of Default occurs, Seller may do any or all of the following: (1) terminate the Sale Agreement with respect to one or more units of Equipment or the entire Sale Agreement, at Seller's sole option; (2) Repossess, retake, and/or retain any or all of the Equipment free of all rights and claims of Buyer without notice, without legal process, or judicial intervention, and without releasing Buyer of any term, covenant or condition provided herein ; (3) Declare all other unpaid amounts, Taxes and Fees, and charges including but not limited to delay/storage fees and/or termination charges under this Sale Agreement and/or any other agreement with ▇▇▇▇▇▇▇▇ Scotsman immediately due and payable and bring an action against Buyer for any deficiency to recover the full benefits of its bargain under the Sale Agreement; (4) designate an attorney to appear for Buyer in any court of record and confess judgment against Buyer for the amount of any unpaid balance due under the Sale Agreement with interest accrued hereon, as set out below, together with costs of suit and the sum of fifteen percent (15%) of such unpaid balance as attorneys' fees. Moreover, any balance due owed by Buyer under the Sale Agreement not timely paid shall bear interest at the rate of one and one-half percent (1 ½%) per month or the maximum rate permitted by law, whichever is lower; and (5) exercise any and all rights and remedies available at law or in equity. Seller’s waiver of any Event of Default shall not constitute a waiver of any other Event of Default or a waiver of any term or condition of this Sale Agreement. Buyer shall pay all Seller’s legal fees and all other costs and expenses incurred by reason of any Event of Default. No right or remedy referred to herein is intended to be exclusive and each may be exercised concurrently or separately and from time to time. The failure of Seller to insist at any time upon the strict performance of any of the terms, covenants, or conditions of this Sale Agreement or to exercise any right or remedy herein, or the waiver by Seller of any breach thereof shall not be construed as thereafter waiving any such terms, covenants, conditions, rights, or remedies.