Purchaser Default. If Purchaser defaults in the performance of this Agreement, Seller’s sole and exclusive remedy shall be to cancel this Agreement by delivering written notice of such default to Purchaser (“Seller’s Default Notice”), in which event Purchaser shall have the opportunity to cure such default within five (5) days after receipt of Seller’s Default Notice, and if Purchaser fails to timely cure such default after receipt of Seller’s Default Notice then this Agreement shall be deemed canceled without further action between parties and the Escrow Agent shall deliver the Xxxxxxx Money to Seller as liquidated damages, it being the understanding and agreement of the parties that it would be impractical or extremely difficult to determine the actual damages to Seller in the event of Purchaser’s default, and that the Xxxxxxx Money is reasonable estimate of the damages which Seller would incur as a result of Purchaser’s default hereunder.
Appears in 5 contracts
Samples: Purchase Agreement, Purchase Agreement, Purchase Agreement
