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