AZREB.com | Real Estate Clauses

Liquidated Damages Provision .

SELLER AND BUYER AGREE THAT PAYMENT OF THE DEPOSIT TO SELLER UNDER SECTION 14.1 SHALL BE AS LIQUIDATED DAMAGES AND NOT AS A PENALTY, THAT ACTUAL DAMAGES RESULTING TO SELLER FROM BUYER'S BREACH OF THIS AGREEMENT WOULD BE DIFFICULT OR IMPOSSIBLE TO MEASURE BECAUSE OF THE UNCERTAINTIES OF THE REAL ESTATE MARKET AND FLUCTUATIONS OF PROPERTY VALUES AND DIFFERENCES WITH RESPECT THERETO, AND THAT THE DEPOSIT IS A REASONABLE ESTIMATE OF WHAT THOSE DAMAGES WOULD BE. CLOSING AGENT SHALL DELIVER THE DEPOSIT TO SELLER PROMPTLY UPON RECEIVING WRITTEN NOTICE FROM SELLER THAT BUYER IS IN DEFAULT BEYOND THE APPLICABLE CURE PERIOD (IF ANY), THAT THE PROVISIONS OF SECTION 14.1 APPLY, AND THAT SELLER HAS ELECTED TO RECEIVE THE DEPOSIT HEREUNDER. BUYER HEREBY RELEASES CLOSING AGENT FROM ALL LIABILITY TO BUYER FOR COMPLIANCE WITH THE PROVISIONS OF SECTION 14.1.

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