Residential Contract Of Sale Template Page 13
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16after such adjourned date; (iii) notwithstanding the foregoing, the existing mortgage
(unless this sale is subject to the same) and any matter created by Seller after the date
hereof shall be released, discharged or otherwise cured by Seller at or prior to Closing.
(c) If this contract is cancelled pursuant to its terms, other than as a result
of Purchaser’s default, this contract shall terminate and come to an end, and neither party
shall have any further rights, obligations or liabilities against or to the other hereunder or
otherwise, except that: (i) Seller shall promptly refund or cause the Escrowee to refund
the Downpayment to Purchaser and, unless cancelled as a result of Purchaser’s default or
pursuant to paragraph 8, to reimburse Purchaser for the net cost of examination of title,
including any appropriate additional charges related thereto, and the net cost, if actually
paid or incurred by Purchaser, for updating the existing survey of the Premises or of a
new survey, and (ii) the obligations under paragraph 27 shall survive the termination of
this contract.
22. Affidavit as to Judgments, Bankruptcies, etc. If a title examination
discloses judgments, bankruptcies or other returns against persons having names the same
as or similar to that of Seller, Seller shall deliver an affidavit at Closing showing that they
are not against Seller.
23. Defaults and Remedies. (a) If Purchaser defaults hereunder, Seller’s sole
remedy shall be to receive and retain the Downpayment as liquidated damages, it being
agreed that Seller’s damages in case of Purchaser’s default might be impossible to
ascertain and that the Downpayment constitutes a fair and reasonable amount of damages
under the circumstances and is not a penalty.
(b) If Seller defaults hereunder, Purchaser shall have such remedies as
Purchaser shall be entitled to at law or in equity, including, but not limited to, specific
performance.
24. Purchaser’s Lien. All money paid on account of this contract, and the
reasonable expenses of examination of title to the Premises and of any survey and survey
inspection charges, are hereby made liens on the Premises, but such liens shall not
continue after default by Purchaser under this contract.
25. Notices. Any notice or other communication (“Notice”) shall be in writing
and either
(a) sent by either of the parties hereto or by their respective attorneys who
are hereby authorized to do so on their behalf or by the Escrowee, by registered or
certified mail, postage prepaid, or
(b) delivered in person or by overnight courier, with receipt
acknowledged, to the respective addresses given in this contract for the party and the
Escrowee, to whom the Notice is to be given, or to such other address as such party or
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