Common use of Failure to Close Clause in Contracts

Failure to Close. If Buyer fails to close in accordance with this agreement, Seller shall be entitled to retain the deposit, and this agreement shall have no further force or effect. If Seller fails to close, for reasons other than a title issue as described herein, Buyer shall have the right to terminate this Agreement and have all deposit monies returned, OR the Buyer shall have the right to initiate an action for Specific Performance accompanied by the recording of a Lis Pendens and claim for liquidated damages in the amount of $5,000.00