PURCHASER'S DEFAULTS. A. Purchaser shall be deemed to be in default if Purchaser shall fail to deliver, at the Closing, the items required to be delivered by Purchaser to Seller for any reason other than a default by Seller. B. In the event Purchaser shall be deemed to be in default, as Seller's sole and exclusive remedy for such default, Seller may terminate this Agreement, whereupon Seller shall be entitled to the ▇▇▇▇▇▇▇ Money, which the Title Company shall deliver to Seller on receipt of written notice from Seller that Purchaser has defaulted. The notice need not be accompanied by any other document or consent of any other party, it being agreed between Purchaser and Seller that the ▇▇▇▇▇▇▇ Money shall be liquidated damages for a default of Purchaser hereunder because of the difficulty, inconvenience, and uncertainty of ascertaining actual damages for such default.
Appears in 2 contracts
Sources: Purchase and Sale Agreement, Purchase and Sale Agreement