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.
Puerto Rico Onerous Approach to Default Remedy Clause
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US-OL14032
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Citizens of Puerto Rico can vote in the Republican and Democratic primary elections. Although Puerto Rico presently has a certain amount of local autonomy, ing to the U.S. Constitution ultimate governance of the island is retained by both the U.S. Congress and President.
1917: The Jones-Shafroth Act gives Puerto Ricans U.S. citizenship and creates a triple tax exemption for bond investors. 1947: Congress allows Puerto Ricans to elect their own governor. 1952: Congress approves the island's constitution, officially recognizing the territory as the Commonwealth of Puerto Rico.
In response to Puerto Rico's long-term fiscal crisis, Congress passed and the President signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) in June 2016. 4 PROMESA established a structure for oversight of Puerto Rico's fiscal affairs and a process for Puerto Rico to restructure its debts.
The Biden-Harris Administration is committed to supporting Puerto Rico's recovery and renewal. In 2021, President Biden unlocked billions of dollars in disaster funding and enacted historic expansions of economic and healthcare assistance programs for Puerto Rico.
The reasons behind the island's current economic woes are complex, with plenty of blame to go around: federal funding shortfalls and tax policies that hamper economic growth, poor budget practices by the island, predatory lending by hedge funds, and the complicated and oft unjust relationship between the U.S. and ...
Prompted in large part by this tax advantage, Puerto Rico issued too much bond debt and began relying on borrowed funds from bond issuance to balance its budget. Compared to other states and territories, spending on social programs is disproportionately high in Puerto Rico.
Debt restructurings in progress The Plan, amended in March, proposed to cut PREPA's unsustainable debt by almost 50%, to approximately $5.68 billion, and should provide the financial stability necessary to invest in a modern, resilient, and reliable energy system for Puerto Rico.