8. Non-Payment by Buyer

8. Non-Payment by Buyer


If you fail to make payment in full and cleared funds pursuant to Section 4 of these Conditions of Sale, we shall be entitled, in our absolute discretion, to exercise any or all of the following rights or remedies, in addition to asserting any other rights or remedies available to us in law or equity:

(a) cancel the sale, and: (i) resell the Property on terms we deem appropriate, at auction, via the Online Shop, or by private sale; or (ii) return the Property to the Seller;

(b) hold you liable for the total amount due and commence legal proceedings to recover the amount, together with interest, legal fees, and costs, to the fullest extent permitted by law;

(c) where you owe us several amounts with respect to several transactions, apply any amount paid to discharge what is owed for any particular transaction;

(d) set off the outstanding amount you still owe us against any amounts which we may owe you in any other transactions;

(e) pay the Seller the amounts due from you up to the net proceeds payable, in respect of the amount of your offer or bid for the Property (it being understood and you acknowledge that in this circumstance, we shall have all of the rights of the Seller, however arising, to pursue you for the amount);

(f) reject future bids and offers from you or render such bids and offers subject to payment of a deposit;

(g) charge interest at such rate as we shall reasonably decide;

(h) exercise all the rights and remedies of a person holding security in the purchased Property and in any additional property or money you own that is in or is coming into our possession (whether by pledge, security interest, or any other manner), to the fullest extent permitted by law, including, but not limited to, the Uniform Commercial Code. You shall be deemed to have granted such security interest to us and we may retain such property as collateral security for your obligations to us; and

(i) take such other action as we deem necessary or appropriate.

You acknowledge and agree that you will remain liable for any difference between the total amount originally due to us and the price obtained upon resale (if applicable), together with all costs, expenses, damages, legal fees, commissions, and premiums of whatever kind associated with all sales or otherwise arising from the default;