Liquidated Damages Provision

LIQUIDATED DAMAGES PROVISION Regarding the Purchase Agreement between , Buyer), and dated , relating to the property described as: , (Seller), Buyer and Seller hereby agree that, if Buyer defaults prior to performance under this agreement, Seller shall retain as liquidated damages the sum of , deposited on account of the purchase referred to in this lease. Buyer and Seller consider this amount to be reasonable given the circumstances existing on the date of this agreement. If the referenced property is a dwelling with no more than 4 units, one of which Buyer intends to occupy as his residence, the liquidated damages amount shall not exceed three percent (3%) of the purchase price. Any deposit in excess of the said 3%, shall be refunded to Buyer. The foregoing agreement, upon execution by both parties, is incorporated into the above referenced Purchase Agreement. Date: Buyer Buyer Date: Seller Seller RATIFICATION OF LIQUIDATED DAMAGES UPON INCREASE OF DEPOSIT Regarding the Purchase Agreement between , Buyer), and dated , relating to the property described as: , (Seller), Buyer and Seller hereby agree that, if Buyer defaults prior to performance under this agreement, Seller shall retain as , deposited on account of the purchase referred to in this lease. Buyer and liquidated damages the sum of Seller consider this amount to be reasonable given the circumstances existing on the date of this agreement. If the referenced property is a dwelling with no more than 4 units, one of which Buyer intends to occupy as his residence, the liquidated damages amount shall not exceed three percent (3%) of the purchase price. Any deposit in excess of the said 3%, shall be refunded to Buyer. Buyer and Seller agree that the attached Liquidated Damages provision is applicable to both the original deposit and the amount of the deposit increase in the amount of . Date: Buyer Buyer Date: Seller Seller American LegalNet, Inc. www.FormsWorkFlow.com 2001 © American LegalNet, Inc.