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damages and release buyer from the contract in lieu of making any claim in court, or may pursue any remedy at law or in equity. If seller accepts the earnest money, it shall be divided as follows: expenses of broker and seller in this transaction will be reimbursed, and balance to go equally between listing broker and selling broker in lieu of commission on this contract.

If the default is by seller, buyer may either release seller from liability upon seller's release of the earnest money and reimbursement to buyer for all direct costs and expenses, as specified in buyer's notice of default (in lieu of making any claim in court), or may pursue any remedy at law and in equity, including enforcement of sale. Buyer's release of seller does not relieve seller of his liability to brokers under the listing contract.

In the event of litigation between the parties, the prevailing party shall recover, in addition to damages or equitable relief, the cost of litigation including reasonable attorney's fees. This provision shall survive closing and delivery of seller's deed to buyer."

The liquidated damage provision is not meant as a penalty, but if the buyer has reneged on a real estate contract by deciding not to close, and has refused to surrender the escrow money, the seller is not bound by the liquidated damages clause.

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