Hotel Purchase agreement language

[Sixtybars]

Nothing in the Missouri statute which you provided a non-working link to prohibits what we've done here. Or NC law for that matter (which is where I am).

I really thank you from bottom of my heart on explaining the seller default in simple language. I am not trying to break any rules of the forums, but if is allowed can someone please explain me buyer's default language.

 

[Zigner]

Nothing in the Missouri statute which you provided a non-working link to prohibits what we've done here. Or NC law for that matter (which is where I am).

My link works.

EDIT: Here is the NC law which appears to prohibit one from advising another on legal matters if they are not admitted to practice law: https://ncleg.net/EnactedLegislation/Statutes/HTML/BySection/Chapter_84/GS_84-4.html. Translation of contract wording could be considered as advising others on legal matters because it requires interpretation of the language as it relates to the law.

EDIT (again): Here is the definition of the practice of law in NC: https://www.ncleg.gov/EnactedLegislation/Statutes/HTML/BySection/Chapter_84/GS_84-2.1.html

Specifically: "... and to advise or give opinion upon the legal rights of any person, firm or corporation".

 

[Sixtybars]

default by buyer clause:
If Buyer defaults in performing its obligations under this agreement to proceed to closing when all of the buyer conditions have been satisfied or waived in writing by buyer, including the satisfaction of any such buyer conditions as may be provided in terms of the Order Approving Sale, Then seller as its sole & exclusive remedies for any such default shall be entitled to (a) terminate this agreement by giving buyer written notice to such effect and receive the deposit as liquidated damages for buyer's default and enforce any obligation of the buyer that, pursuant to the term of the agreement, specifically survive the termination of this agreement or (b)avail itself of any remedies as may be provided in the Order Approving sale. The Parties agree that it would be impracticable & extremely difficult to ascertain the actual damages suffered by sellers as a result of buyer's failure to complete the purchase pursuant to this agreement and that under the circumstances existing as of the effective date, the liquidated damages provided for in this section represent a reasonable estimate of the damages which seller will incur as a result of such failure. The parties acknowledge that the payment of such liquidated damages is not intended as a forfeiture or penalty, but is intended to constitute liquidated damages to the seller.

 

[quincy]

default by buyer clause:
If Buyer defaults in performing its obligations under this agreement to proceed to closing when all of the buyer conditions have been satisfied or waived in writing by buyer, including the satisfaction of any such buyer conditions as may be provided in terms of the Order Approving Sale, Then seller as its sole & exclusive remedies for any such default shall be entitled to (a) terminate this agreement by giving buyer written notice to such effect and receive the deposit as liquidated damages for buyer's default and enforce any obligation of the buyer that, pursuant to the term of the agreement, specifically survive the termination of this agreement or (b)avail itself of any remedies as may be provided in the Order Approving sale. The Parties agree that it would be impracticable & extremely difficult to ascertain the actual damages suffered by sellers as a result of buyer's failure to complete the purchase pursuant to this agreement and that under the circumstances existing as of the effective date, the liquidated damages provided for in this section represent a reasonable estimate of the damages which seller will incur as a result of such failure. The parties acknowledge that the payment of such liquidated damages is not intended as a forfeiture or penalty, but is intended to constitute liquidated damages to the seller.

Contracts need to be reviewed in their entirety. One clause or one provision can be defined or modified by clauses or provisions that come before or after. They cannot be adequately analyzed on their own.

 

[Just Blue]

default by buyer clause:
If Buyer defaults in performing its obligations under this agreement to proceed to closing when all of the buyer conditions have been satisfied or waived in writing by buyer, including the satisfaction of any such buyer conditions as may be provided in terms of the Order Approving Sale, Then seller as its sole & exclusive remedies for any such default shall be entitled to (a) terminate this agreement by giving buyer written notice to such effect and receive the deposit as liquidated damages for buyer's default and enforce any obligation of the buyer that, pursuant to the term of the agreement, specifically survive the termination of this agreement or (b)avail itself of any remedies as may be provided in the Order Approving sale. The Parties agree that it would be impracticable & extremely difficult to ascertain the actual damages suffered by sellers as a result of buyer's failure to complete the purchase pursuant to this agreement and that under the circumstances existing as of the effective date, the liquidated damages provided for in this section represent a reasonable estimate of the damages which seller will incur as a result of such failure. The parties acknowledge that the payment of such liquidated damages is not intended as a forfeiture or penalty, but is intended to constitute liquidated damages to the seller.

Call the Mo. Bar Assoc and get a referral or 5. When you find an attorney that you like/afford either bring your entire contract to him/her to translate for you or e-mail/fax to him/her to do the same.