This office lease clause is a standard condition of limitation language dealing with issues of tenant defaults in fulfilling any of the covenants of the lease.
The Kings New York Condition of Limitation Clause refers to a specific provision or clause that can be found in legal contracts or agreements in the state of New York, United States. This clause typically sets a time limit or period within which a legal claim or action can be brought by one party against another. Under the Kings New York Condition of Limitation Clause, there are several types or variations that may exist, including: 1. Statute of Limitations: This is a commonly recognized type of limitation clause that establishes a specific timeframe within which a legal action must be initiated. Different types of legal claims, such as personal injury, breach of contract, or property damage, may have their own distinct statute of limitations. 2. Contractual Limitation Clause: This refers to a specific limitation clause that is included in a contract or agreement between two parties. It typically sets a specific period within which any disputes arising out of the contract must be resolved or legal actions must be initiated. 3. Discovery Rule: In some cases, the Kings New York Condition of Limitation Clause may incorporate what is known as a "discovery rule." This rule allows for the extension of the limitation period beyond the typical time limits prescribed by the statute of limitations. It applies when the injured party could not have reasonably discovered the harm caused by the other party within the statutory time frame. 4. Tolling Agreements: These are agreements between parties that temporarily suspend or extend the limitation period specified by the statute of limitations. Tolling agreements may be entered into voluntarily by both parties or may be court-ordered, usually in cases involving complex legal matters or when one party is unable to proceed due to extenuating circumstances. Overall, the Kings New York Condition of Limitation Clause is an essential component of legal contracts and agreements. Its purpose is to ensure fairness and predictability by setting clear time limits within which parties must initiate legal actions or claims. It is crucial for individuals and businesses in New York to be aware of these limitations and comply with them to protect their legal rights.The Kings New York Condition of Limitation Clause refers to a specific provision or clause that can be found in legal contracts or agreements in the state of New York, United States. This clause typically sets a time limit or period within which a legal claim or action can be brought by one party against another. Under the Kings New York Condition of Limitation Clause, there are several types or variations that may exist, including: 1. Statute of Limitations: This is a commonly recognized type of limitation clause that establishes a specific timeframe within which a legal action must be initiated. Different types of legal claims, such as personal injury, breach of contract, or property damage, may have their own distinct statute of limitations. 2. Contractual Limitation Clause: This refers to a specific limitation clause that is included in a contract or agreement between two parties. It typically sets a specific period within which any disputes arising out of the contract must be resolved or legal actions must be initiated. 3. Discovery Rule: In some cases, the Kings New York Condition of Limitation Clause may incorporate what is known as a "discovery rule." This rule allows for the extension of the limitation period beyond the typical time limits prescribed by the statute of limitations. It applies when the injured party could not have reasonably discovered the harm caused by the other party within the statutory time frame. 4. Tolling Agreements: These are agreements between parties that temporarily suspend or extend the limitation period specified by the statute of limitations. Tolling agreements may be entered into voluntarily by both parties or may be court-ordered, usually in cases involving complex legal matters or when one party is unable to proceed due to extenuating circumstances. Overall, the Kings New York Condition of Limitation Clause is an essential component of legal contracts and agreements. Its purpose is to ensure fairness and predictability by setting clear time limits within which parties must initiate legal actions or claims. It is crucial for individuals and businesses in New York to be aware of these limitations and comply with them to protect their legal rights.
