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.
Idaho Onerous Approach to Default Remedy Clause
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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 remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.
In an Exclusive Remedy Clause (the ?Clause?), the parties to a merger agree that the indemnification provisions included in the merger agreement are the exclusive remedy for causes of action arising from the merger, the merger agreement, and the terms therein.
A ?remedy? is a court-ordered resolution or compensation to one party's breach of contract in contract law. The goal of remedies is to make the non-breaching party, also known as the ?injured party,? whole by placing them in the position they would have otherwise been in had the contract been performed as agreed.