Final answer:
If a buyer fails to redeem the Earnest Money Promissory Note, they are typically held accountable for any reasonable collection costs, akin to bondholders seeking repayment when a corporate bond issuer defaults.
Step-by-step explanation:
When a buyer fails to redeem the Earnest Money Promissory Note, the standard consequence is not for the seller to pay it nor for the broker to cover it. Instead, the buyer is typically liable for all reasonable costs of collections. This situation is analogous to a corporate bond issuer defaulting on payments owed to bondholders. In such an event, bondholders have the right to demand bankruptcy proceedings so the company can liquidate assets and repay them. While the seller cannot be considered in default due to the buyer's failure to pay, the buyer who has not fulfilled their obligation to redeem the promissory note may face legal action to recover the owed money or forfeit the earnest money if the contractual terms allow.