Permitted Termination; Seller’s Default Clause Samples

Permitted Termination; Seller’s 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, together with any interest earned thereon. If the sale of the Property is not consummated due to Seller’s default hereunder, Buyer shall be entitled, as its sole remedy, either (a) to terminate this Agreement and receive the return of the Deposit, together with any interest earned thereon, or (b) to enforce specific performance of this Agreement, together with a claim for reasonable attorney’s fees and costs of suit. Buyer expressly waives its rights to seek additional damages in the event of Seller’s default hereunder. Buyer shall be deemed to have elected to terminate this Agreement and receive back the Deposit, together with any interest earned thereon, if Buyer fails to file suit for specific performance against Seller in a court prescribed by Section 10.5 hereof, on or before sixty (60) days following the date upon which Closing was to have occurred.