This office lease clause is an onerous approach to a default remedies clause. This clause is similar to those found in many New York City landlord office lease forms.
Hawaii Onerous Approach to Default Remedy Clause
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US-OL14032
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FAQ
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.
In contract law, a breach means the failure of a contracting party to perform their obligations ing to the terms of the agreement. Default, ing to the law of obligations and banking law, means to refuse to pay a debt when due.
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.
Default Remedies means all rights and remedies of any Secured Party in respect of any Common Collateral, whether arising pursuant to the DIP Credit Agreements, the Collateral Documents, the Orders or applicable law, the exercise of which is contingent upon the occurrence and continuation of an Event of Default (as ...
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, shall be entitled to specific performance of its rights under this Agreement.
Typical events of default in loan agreements include non-payment or late payment of amounts due, breach of certain material representations and warranties or covenants, cross-default, breach of change of control provisions, and insolvency.