Examples of Seller Default in a sentence
In the event of a Seller Default: (a) Buyer shall have the right to demand and receive a full refund of the Xxxxxxx Money; (b) upon such demand and Buyer’s receipt of the Xxxxxxx Money, this Agreement shall be completely terminated in all respects at such time; and (c) at Buyer’s option, at any time prior to such termination, Buyer may elect instead to seek specific performance of Seller’s obligations.
The term “Seller Default” refers to the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Seller’s obligation(s) under this Agreement; provided, however, if Seller is unable to convey the Property in accordance with the Conveyance Requirements, such inability shall constitute a failure of a condition under Section 6 above, and not a Seller Default.
During the occurrence and continuance of any Seller Default or occurrence of any event described in Section 30.1(b) (“Termination by Buyer”) and upon receipt of any notice that Seller is in default of any of its obligations under any of the Project Documents, and in addition to any other rights Buyer may have hereunder or at law or in equity, Buyer shall have the right, but not the obligation, to cure any default of Seller under any Transaction Document.
Further, if you fail for any reason to release the Equipment to the Buyer after a Binding Obligation is created, you will be subject to a Seller Default Fee in addition to any other rights or remedies that RB Group or Buyer may have.
In the event of a breach of this provision is determined by RB Group in its reasonable discretion and the Equipment has been sold through the Marketplace, the transaction is subject to cancellation and you will be charged a Seller Default Fee in addition to reimbursement of transportation and other costs incurred by Xxxxx.