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Section 6. Default. • 6.1. Event of Default. Unless otherwise provided herein, the failure of either party to perform any or all of its obligations as set forth in this Agreement shall constitute an Event of Default. Except as otherwise provided herein, Buyer's failure to perform its site development or construction obligations hereunder shall not be deemed an Event of Default until Seller has given Buyer notice of such failure and a reasonable opportunity to cure. 6.2. Notice of Default and Remedies. Upon the occurrence of an Event of Default the non -defaulting party may, by notice to the defaulting party, declare a default and: a. Specific Performance. Institute legal proceedings to compel specific performance, and b. Buyer Default. If Buyer is the defaulting party, Buyer shall, within five (5) days of the notice of default, deliver to Seller all physical surveys, site, engineering, architectural, or other plans, and copies of all soil borings, environmental studies and audits with respect to the Property. Seller shall reimburse Buyer only for said physical surveys if it elects to receive such surveys and then only at Buyer's actual costs. Further, if Buyer is the defaulting party, then the Deposit and, notwithstanding other language in Section 3.2 of this Agreement, interest earned on the deposit, and the money for any one (1) month Extension Payments shall be retained by Seller. Because damages suffered by Seller as a result of Buyer's • default would be difficult to assess, Buyer and Seller agree that the amount of the Deposit together with the interest earned on the Deposit and any Extension Payments, constitute a reasonable amount to compensate Seller for such breach, and that Seller shall accept those deposits as liquidated damages and as its sole remedy for Buyer's default. c. Seller Default. If Seller is the defaulting party, should Buyer decide to forego its option to pursue specific performance, Buyer shall have the right to a return of its Deposit, interest earned thereon, and its Extension Payments hereunder, and Seller shall promptly reimburse Buyer for Buyer's out-of-pocket expenses related to this Agreement and the development of the Property. In no event shall Buyer have a cause or right of action for monetary damages beyond the return of the aforesaid Deposit, earned interest, Extension Payments and out-of-pocket expenses. d. Escrow. If this Agreement is not consummated and a dispute exists between Seller and Buyer, the Deposit, earned interest and any Extension Payments shall remain in escrow until the parties hereto have agreed in writing to the disposition thereof or a court of competent jurisdiction orders disbursement. 91