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 West Virginia Default Remedy Clause, also referred to as the West Virginia Remedies Clause, is a legal provision that outlines the rights and remedies available to parties in the event of a default or breach of contract within the state of West Virginia. This clause serves as a crucial component in contractual agreements, ensuring both parties have a clear understanding of their rights and obligations in case of default. In West Virginia, there are different types of Default Remedy Clauses that can be included in a contract. Some of these variations include: 1. Monetary Damages: This type of Default Remedy Clause provides that the defaulting party must pay a specific sum of money known as "compensatory damages" to the non-defaulting party. The aim is to compensate the non-defaulting party for any losses suffered due to the breach of contract. 2. Specific Performance: This clause allows the non-defaulting party to request the court to enforce the specific performance of the contract. Specific performance is sought when monetary damages alone would not adequately compensate the non-defaulting party. In such cases, the court can order the defaulting party to fulfill their obligations as outlined in the contract. 3. Liquidated Damages: In some cases, the parties may agree in advance on a predetermined amount of damages that will be awarded in the event of a breach. This type of Default Remedy Clause is known as a liquidated damages' clause. It helps to provide certainty and avoid lengthy litigation surrounding the calculation of damages. 4. Notice and Cure: This clause requires the non-breaching party to provide written notice of the default to the breaching party. The breaching party then has a specified period of time known as the "cure period" to remedy the default before further action can be taken. If the cure is not made within the prescribed time, the non-breaching party may proceed with legal remedies. 5. Acceleration: The acceleration clause is used to expedite the repayment of any outstanding debts or obligations upon default. This clause allows the non-defaulting party to demand the immediate payment of the full debt or the remaining balance. It is important for parties to clearly define the type of Default Remedy Clause they wish to include in their contract, as each type carries different legal implications. Seeking legal advice in drafting or interpreting such clauses is advisable to ensure clarity, enforceability, and protection of rights for all parties involved in the contract.
