Common use of Purchaser’s Failure to Close Clause in Contracts

Purchaser’s Failure to Close. Purchaser’s failure to close on the final closing date set by Seller shall Initials: constitute a material breach of this Agreement by Purchaser. In such event, in addition to and without waiving any rights and remedies which Seller shall have pursuant to Section 18 below, Seller, at Seller’s option, may extend the Closing Date until Purchaser tenders full payment of the Purchase Price; provided that Seller shall retain the right to terminate this Agreement and to retain Purchaser’s Xxxxxxx Money at any time prior to actual Closing. The parties to this Contract acknowledge that the exact damages to Seller that the parties might reasonably anticipate if Purchaser fails to close on the final closing date set by Seller are difficult to ascertain with precise certainty. Therefore, if Seller does extend the Closing Date pursuant to this subsection, then at Closing Purchaser shall pay to Seller, in addition to the Purchase Price, liquidated damages in the amount of One Hundred Fifty Dollars ($150.00) per day, calculated from the final date for Closing set by Seller until the date on which Purchaser pays to Seller the full Purchase Price plus all liquidated damages due to Seller pursuant to this subsection. In no event, shall the total liquidated damages assessed under this section exceed Seven Thousand Five Hundred Dollars ($7,500.00). Purchaser further agrees that the liquidated damages specified herein are not merely a penalty, but instead are a reasonable estimate of the damages that Seller would probably sustain from Purchaser’s delay in closing.

Purchaser’s Failure to Close. Purchaser’s failure to close on the final closing date set by Seller shall Initials: constitute a material breach of this Agreement by Purchaser. In such event, in addition to and without waiving any rights and remedies which Seller shall have pursuant to Section 18 below, Seller, at Seller’s option, may extend the Closing Date until Purchaser tenders full payment of the Purchase Price; provided that Seller shall retain the right to terminate this Agreement and to retain Purchaser’s Xxxxxxx Money at any time prior to actual Closing. The parties to this Contract acknowledge that the exact damages to Seller that the parties might reasonably anticipate if Purchaser fails to close on the final closing date set by Seller are difficult to ascertain with precise certainty. Therefore, if Seller does extend the Closing Date pursuant to this subsection, then at Closing Purchaser shall pay to Seller, in addition to the Purchase Price, liquidated damages in the amount of One Hundred Fifty Dollars ($150.00) per day, calculated from the final date for Closing set by Seller until the date on which Purchaser pays to Seller the full Purchase Price plus all liquidated damages due to Seller pursuant to this subsection. In no event, shall the total liquidated damages assessed under this section exceed Seven Thousand Five Hundred Dollars ($7,500.00). Purchaser further agrees that the liquidated damages specified herein are not merely a penalty, but instead are a reasonable estimate of the damages that Seller would probably sustain from Purchaser’s delay in closing.

Purchaser’s Failure to Close. Purchaser’s failure to close on the final closing date set by Seller shall Initials: constitute a material breach of this Agreement by Purchaser. In such event, in addition to and without waiving any rights and remedies which Seller shall have pursuant to Section 18 below, Seller, at Seller’s option, may Initials: extend the Closing Date until Purchaser tenders full payment of the Purchase Price; provided that Seller shall retain the right to terminate this Agreement and to retain Purchaser’s Xxxxxxx Money at any time prior to actual Closing. The parties to this Contract acknowledge that the exact damages to Seller that the parties might reasonably anticipate if Purchaser fails to close on the final closing date set by Seller are difficult to ascertain with precise certainty. Therefore, if Seller does extend the Closing Date pursuant to this subsection, then at Closing Purchaser shall pay to Seller, in addition to the Purchase Price, liquidated damages in the amount of One Hundred Fifty Dollars ($150.00) per day, calculated from the final date for Closing set by Seller until the date on which Purchaser pays to Seller the full Purchase Price plus all liquidated damages due to Seller pursuant to this subsection. In no event, shall the total liquidated damages assessed under this section exceed Seven Thousand Five Hundred Dollars ($7,500.00). Purchaser further agrees that the liquidated damages specified herein are not merely a penalty, but instead are a reasonable estimate of the damages that Seller would probably sustain from Purchaser’s delay in closing.