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.
Michigan Onerous Approach to Default Remedy Clause
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FAQ
Creditors usually send a default notice after six months of missed or under payments. They will give you at least two weeks to make up missed payments. If you cannot pay in this time your account will default.
Once the Borrower is in default, the Lender is entitled to pursue all its remedies concurrently (and may claim for foreclosure, payment and possession against the same Borrower). Unlike the power of sale proceeding, a foreclosure action is an actual Court action initiated by issuing and serving a Claim.
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.
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.
How can an event of default be cured? Agreements typically allow the defaulting party an opportunity to cure or remedy the default within a certain period before negative consequences apply. The grace period could be days, weeks, or longer, and some agreements allow for a maximum number of cures.
Other remedies that lenders can consider if an event of default exists under a loan agreement are: Refusing to make further loans or issue additional letters of credit. Accelerating the borrower's loan repayment obligations. Requiring the borrower to cash collateralize undrawn and unexpired letters of credit.