Common use of Permitted Termination; Seller Default Clause in Contracts

Permitted Termination; Seller Default. If the sale of the Property is not consummated due to the permitted termination of this Agreement by Buyer as herein expressly provided, the Deposit shall be promptly returned to Buyer and the Parties shall have no further rights or obligations hereunder except for those obligations which expressly survive the termination of this Agreement. If the sale of the Property is not consummated due to Seller’s default hereunder, Buyer shall be entitled, as its sole remedy, to either: (a) terminate this Agreement by notice to Seller, in which event the Deposit shall be returned to Buyer and the Parties shall have no further rights or obligations hereunder except for those obligations which expressly survive the termination of this Agreement; or (b) waive the breach or default and proceed to Closing in accordance with the provisions of this Agreement without adjustment of the Purchase Price; or (c) pursue an action for specific performance only; it being expressly agreed that Buyer shall have no right to pursue an action for damages.

Permitted Termination; Seller Default. If the sale of the Property is not consummated due to the permitted termination of this Agreement by Buyer as herein expressly provided, the Deposit shall be promptly returned to Buyer and the Parties shall have no further farther rights or obligations hereunder except for those obligations which expressly survive the termination of this Agreement. If the sale of the Property is not consummated due to Seller’s default hereunder, Buyer shall be entitled, as its sole remedy, to either: (a) terminate this Agreement by notice to Seller, in which event the Deposit shall be returned to Buyer and the Parties shall have no further rights or obligations hereunder except for those obligations which expressly survive the termination of this Agreement; or (b) waive the breach or default and proceed to Closing in accordance with the provisions of this Agreement without adjustment of the Purchase Price; or (c) pursue an action for specific performance only; it being expressly agreed that Buyer shall have no right to pursue an action for damages.