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.
The North Carolina Default Remedy Clause, also known as the Default Provision or Default Clause in North Carolina, is a legal provision embedded in contracts that outlines the remedies available to the non-defaulting party in the event of a breach or default by the other party. It serves to protect the interests of the non-defaulting party by providing a predetermined course of action to rectify the breach. Under the North Carolina Default Remedy Clause, the non-defaulting party is granted several remedies to address the breach. These remedies typically include: 1. Damages: The non-defaulting party may be entitled to seek monetary compensation for any losses or damages caused by the breach. These damages may be actual or consequential, aiming to restore the non-defaulting party to the position they would have been in had the breach not occurred. 2. Specific Performance: In certain cases, the non-defaulting party may request the court to order the defaulting party to fulfill their obligations as outlined in the contract. This is particularly applicable in situations where monetary compensation alone cannot adequately remedy the harm caused by the breach. 3. Termination and Rescission: The North Carolina Default Remedy Clause may grant the non-defaulting party the right to terminate the contract due to the breach. This allows the non-defaulting party to be relieved from any further obligations under the contract, while also potentially seeking damages for the breach. 4. Cure Period: Depending on the specific contract terms, the Default Remedy Clause may also include a "cure period." This provision allows the defaulting party a specified period of time to rectify the breach before the non-defaulting party can exercise their remedies. 5. Liquidated Damages: In some cases, the contract may include a predetermined amount of damages to be paid by the defaulting party in the event of a breach. Such liquidated damages must be deemed reasonable and not punitive in nature to be enforceable under North Carolina law. It is important to note that the terms and conditions of the Default Remedy Clause can vary depending on the specific contract and the parties involved. As a result, it is crucial for individuals and businesses in North Carolina to carefully draft, review, and negotiate the Default Remedy Clause in order to protect their rights and obligations in the event of a breach.The North Carolina Default Remedy Clause, also known as the Default Provision or Default Clause in North Carolina, is a legal provision embedded in contracts that outlines the remedies available to the non-defaulting party in the event of a breach or default by the other party. It serves to protect the interests of the non-defaulting party by providing a predetermined course of action to rectify the breach. Under the North Carolina Default Remedy Clause, the non-defaulting party is granted several remedies to address the breach. These remedies typically include: 1. Damages: The non-defaulting party may be entitled to seek monetary compensation for any losses or damages caused by the breach. These damages may be actual or consequential, aiming to restore the non-defaulting party to the position they would have been in had the breach not occurred. 2. Specific Performance: In certain cases, the non-defaulting party may request the court to order the defaulting party to fulfill their obligations as outlined in the contract. This is particularly applicable in situations where monetary compensation alone cannot adequately remedy the harm caused by the breach. 3. Termination and Rescission: The North Carolina Default Remedy Clause may grant the non-defaulting party the right to terminate the contract due to the breach. This allows the non-defaulting party to be relieved from any further obligations under the contract, while also potentially seeking damages for the breach. 4. Cure Period: Depending on the specific contract terms, the Default Remedy Clause may also include a "cure period." This provision allows the defaulting party a specified period of time to rectify the breach before the non-defaulting party can exercise their remedies. 5. Liquidated Damages: In some cases, the contract may include a predetermined amount of damages to be paid by the defaulting party in the event of a breach. Such liquidated damages must be deemed reasonable and not punitive in nature to be enforceable under North Carolina law. It is important to note that the terms and conditions of the Default Remedy Clause can vary depending on the specific contract and the parties involved. As a result, it is crucial for individuals and businesses in North Carolina to carefully draft, review, and negotiate the Default Remedy Clause in order to protect their rights and obligations in the event of a breach.
