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3. Issuance of Title Policy. Seller will cause Title Company to issue the Title Policy <br />to Buyer as soon as practicable after closing. <br />L. Default and Remedies <br />1. Seller's Default. If Seller fails to perform any of its obligations under this contract <br />or if any of Seller's representations is not true and correct as of the Effective Date or on the <br />Closing Date ( "Seller's Default "), Buyer may elect either of the following as its sole and <br />exclusive remedy: <br />a. Termination; Liquidated Damages. Buyer may terminate this contract by <br />giving notice to Seller on or before the Closing Date and Closing Time <br />and have the Earnest Money, less $100 as described above, returned to <br />Buyer. <br />b. Specific Performance. Buyer's sole remedies for Seller's default are to <br />terminate this Contract or enforce specific performance of Seller's <br />obligations under this contract, but any such action must be initiated, if at <br />all, within ninety days after the breach or alleged breach of this contract. If <br />title to the Property is awarded to Buyer, the conveyance will be subject to <br />the matters stated in the Title Commitment. <br />2. Buyer's Default, If Buyer fails to perform any of its obligations under this <br />contract ( "Buyer's Default'), Seller may elect either of the following as its sole and exclusive <br />remedy: <br />a. Termination; Liquidated Damages. Seller may terminate this contract by <br />giving notice to Buyer on or before the Closing Date and Closing Time <br />and have the Earnest Money paid to Seller. If Buyer's Default occurs after <br />Seller has incurred costs to perform its obligations under this contract and <br />Seller terminates this contract in accordance with the previous sentence, <br />Buyer will also reimburse Seller for the lesser of Seller's actual out -of- <br />pocket expenses incurred to perform its obligations under this contract or <br />the amount of Seller's Additional Liquidated Damages, within ten days of <br />Buyer's receipt of an invoice from Seller stating the amount of Seller's <br />expenses. <br />3. Liquidated Damages. The parties agree that just compensation for the harm that <br />would be caused by a default by either party cannot be accurately estimated or would be very <br />difficult to accurately estimate and that Buyer's Liquidated Damages or the Earnest Money and <br />Seller's Additional Liquidated Damages are reasonable forecasts of just compensation to the <br />nondefaulting party for the harm that would be caused by a default. <br />4. Attorney's Fees. If either party retains an attorney to enforce this contract, the <br />party prevailing in litigation is entitled to recover reasonable attorney's fees and court and other <br />costs. <br />10 <br />