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.
Louisiana Default Remedy Clause
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State:
Multi-State
Control #:
US-OL14031
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Word;
PDF
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How to fill out Default Remedy Clause?
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FAQ
If the seller refuses to do so, the buyer can either walk away from the deal (and get their deposit back), agree to move forward and pay the difference between the appraisal and the purchase price, or negotiate some other terms with the seller.
A hold harmless agreement is also called a ?release of liability? or a ?waiver of liability.? It can be reciprocal or unilateral. A reciprocal hold harmless agreement says neither party will hold the other party responsible for losses. A unilateral hold harmless agreement protects only one party.
Hold harmless agreements are generally enforceable, and Florida courts do recognize them as being legally binding. But just because you may have signed one, doesn't mean you absolutely cannot sue if you were injured, as there are a number of exceptions and ways around a hold harmless agreement.
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.
In order from most to least protective, the three types of indemnity agreements are broad form, intermediate form, and limited form. In the explanations below, we will refer to parties as either indemnitors or indemnitees. The indemnitor is the party waiving their right to hold the other party responsible for damages.
In general, an agreement made a party in advance to broadly waive future physical injury damages is unenforceable in Louisiana.
?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
Is a contract required to be in writing? contracts that affect title (ownership) of immovables is that the contract must be in writing for it to be valid. A sale or promise of sale of an immovable must be made by authentic act or by act under private signature, except as provided in Article 1839.
