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WITHIN THE MEANING OF CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL CODE SECTIONS 1671, 1676 AND 1677. SELLER HEREBY WAIVES THE PROVISIONS OF CALIFORNIA CIVIL CODE SECTION 3389. SELLER AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS PARAGRAPH 19, AND BY THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS. Buyer-s Initials /JIlltJ S ers lnitials (b) Seller's Default. IN THE EVENT THE SALE OF THE PROPERTY AS CONTEMPLATED HEREUNDER IS NOT CONSUMMATED DUE TO SELLER'S MATERIAL DEFAULT HEREUNDER, BUYER SHALL BE ENTITLED, AS ITS SOLE REMEDY, EITHER (A) TO RECEIVE THE RETURN. OF THE DEPOSIT, WHICH RETURN SHALL OPERATE TO TERMINATE THIS AGREEMENT AND RELEASE SELLER FROM ANY AND ALL LIABILITY HERE UNDER, OR (B) TO ENFORCE SPECIFIC PERFORMANCE OF SELLER'S OBLIGATION TO CONVEY THE PROPERTY TO BUYER IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT, IT BEING UNDERSTOOD AND AGREED THAT THE REMEDY OF SPECIFIC PERFORMANCE SHALL NOT BE AVAILABLE TO ENFORCE ANY OTHER OBLIGATION OF SELLER HEREUNDER. EXCEPT AS SET FORTH IN THE PRECEDING SENTENCE, BUYER EXPRESSLY WAIVES ITS RIGHT TO SEEK DAMAGES IN THE EVENT OF SELLER'S DEFAULT HEREUNDER. BUYER SHALL BE DEEMED TO HAVE ELECTED TO TERMINATE THIS AGREEMENT AND RECEIVE BACK THE DEPOSITS IF BUYER FAILS TO FILE SUIT FOR SPECIFIC PERFORMANCE AGAINST SELLER IN A COURT HAVING JURISDICTION IN THE COUNTY AND STATE IN WHICH THE PROPERTY IS LOCATED, ON OR BEFORE ONE HUNDRED EIGHT (180) DAYS FOLLOWING THE DATE UPON WHICH THE APPLICABLE CLOSING WAS TO HAVE OCCURRED. Buyer's Initials !I/~>2 Seller's In itials 20. WAIVER OF TRIAL BY JURY. To the greatest extent permitted by law, Buyer and Seller hereby expressly covenant and agree to waive the right to trial by jury in connection with any litigation or judicial proceeding relating to, directly or indirectly, or concerning this Agreement or the conduct, omission, action, obligation, duty, right, benefit, privilege or liability of a party hereunder to the full extent permitted by law. This waiver of right to trial by jury is separately given and is knowingly, intentionally and voluntarily made by Buyer and Seller, with and upon the advice of competent counsel. This waiver is intended to and does encompass each instance and each issue as to Page 12 of 16 C:\Docurrents and Settings\Oell Optiplex GX520\My Docurrents\PurchaseAgrrt7.6.09recline\PurchaseAgmt.doc