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.
Texas Default Remedy Clause
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US-OL14031
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How to fill out Default Remedy Clause?
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FAQ
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.
?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
Examples Of Equitable Remedies Remedies for such situations include rescission, specific performance, reformation, and injunction. Rescission involves the parties agreeing to void the contract and returning all the parties to the position they were in before they signed the contract.
There are several remedies for breach of contract, such as award of damages, specific performance, rescission, andrestitution. In courts of limited jurisdiction, the main remedy is an award of damages.
In the case of actions required to be taken by a specified time or date, this provision says that if the borrower later takes that action, even if after the deadline, the default is deemed to be cured.
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.
Specific performance is an equitable remedy in Texas where a party (almost always the buyer) asks a court to force the seller to transfer the property ing to the terms of an earnest money contract.
The default provision sets forth the conditions under which one of the parties will not have fulfilled its obligations under the contract. For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default.
