This office lease form is a standard default remedy clause, providing for the collection of the difference between the rent due and owing under the lease and the rents collected in the event of mitigation.
California Default Remedy Clause
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Multi-State
Control #:
US-OL14031
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Word;
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How to fill out Default Remedy Clause?
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FAQ
The default provision sets forth the conditions under which one of the parties will not have fulfilled its obligations under the contract. For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default.
In the case of actions required to be taken by a specified time or date, this provision says that if the borrower later takes that action, even if after the deadline, the default is deemed to be cured.
?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
The main purpose of a default clause is to give a tenant incentive to hold up their end of the agreement and follow any requirements laid out in the lease.
This provision specifies the remedies for an Event of Default and also outlines the order in which available funds will be disbursed to the lenders. all outstanding borrowings become immediately due and payable. all outstanding borrowings become immediately due and payable.
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
There are several remedies for breach of contract, such as award of damages, specific performance, rescission, andrestitution. In courts of limited jurisdiction, the main remedy is an award of damages.
The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
