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 King Washington Default Remedy Clause is a legal provision related to commercial leases and contracts. It is specifically designed to address default situations and outline remedies available to the landlord or creditor in the event of default by the tenant or debtor. This clause helps establish the rights, responsibilities, and available remedies should the tenant or debtor fail to meet their obligations under the lease or contract. The King Washington Default Remedy Clause ensures that the landlord or creditor has legal recourse in case of default, allowing them to take appropriate actions to protect their interests. These clauses typically detail the specific events that qualify as default, such as non-payment of rent, breach of specific terms, or failure to maintain the property. When a default occurs, the clause outlines the remedies available to the landlord or creditor. These remedies can vary depending on the specific terms outlined in the clause and the laws of the jurisdiction where the lease or contract is located. Common remedies may include: 1. Termination: The landlord or creditor may have the option to terminate the lease or contract if the default occurs. This allows them to regain possession of the property or seek alternative arrangements. 2. Cure Rights: In some instances, the clause may give the tenant or debtor an opportunity to cure the default within a specified timeframe. If the default is rectified within this period, the landlord or creditor may not take further action. 3. Damages: The clause may entitle the landlord or creditor to seek monetary damages resulting from the default. This could include unpaid rent, costs incurred due to the default, or other financial losses. 4. Specific Performance: In certain cases, the landlord or creditor may seek a court order requiring the tenant or debtor to fulfill their contractual obligations as initially agreed upon. 5. Re-entry and repossession: The clause may grant the landlord or creditor the right to re-enter the property or repossess any assets secured by the contract when default occurs. It's important to note that the King Washington Default Remedy Clause may have different names or variations based on the specific jurisdiction or contract terms. For example, it can be referred to as the Default Remedies Provision, Default Clause, or simply Remedies Clause. Variations can occur based on customization, specific industry standards, or legal requirements. Understanding and incorporating the King Washington Default Remedy Clause into commercial leases or contracts ensures that all parties involved have a clear understanding of the consequences and remedies should a default situation arise. It helps protect the interests of the landlord or creditor while establishing a framework for resolving disputes and maintaining contractual obligations.The King Washington Default Remedy Clause is a legal provision related to commercial leases and contracts. It is specifically designed to address default situations and outline remedies available to the landlord or creditor in the event of default by the tenant or debtor. This clause helps establish the rights, responsibilities, and available remedies should the tenant or debtor fail to meet their obligations under the lease or contract. The King Washington Default Remedy Clause ensures that the landlord or creditor has legal recourse in case of default, allowing them to take appropriate actions to protect their interests. These clauses typically detail the specific events that qualify as default, such as non-payment of rent, breach of specific terms, or failure to maintain the property. When a default occurs, the clause outlines the remedies available to the landlord or creditor. These remedies can vary depending on the specific terms outlined in the clause and the laws of the jurisdiction where the lease or contract is located. Common remedies may include: 1. Termination: The landlord or creditor may have the option to terminate the lease or contract if the default occurs. This allows them to regain possession of the property or seek alternative arrangements. 2. Cure Rights: In some instances, the clause may give the tenant or debtor an opportunity to cure the default within a specified timeframe. If the default is rectified within this period, the landlord or creditor may not take further action. 3. Damages: The clause may entitle the landlord or creditor to seek monetary damages resulting from the default. This could include unpaid rent, costs incurred due to the default, or other financial losses. 4. Specific Performance: In certain cases, the landlord or creditor may seek a court order requiring the tenant or debtor to fulfill their contractual obligations as initially agreed upon. 5. Re-entry and repossession: The clause may grant the landlord or creditor the right to re-enter the property or repossess any assets secured by the contract when default occurs. It's important to note that the King Washington Default Remedy Clause may have different names or variations based on the specific jurisdiction or contract terms. For example, it can be referred to as the Default Remedies Provision, Default Clause, or simply Remedies Clause. Variations can occur based on customization, specific industry standards, or legal requirements. Understanding and incorporating the King Washington Default Remedy Clause into commercial leases or contracts ensures that all parties involved have a clear understanding of the consequences and remedies should a default situation arise. It helps protect the interests of the landlord or creditor while establishing a framework for resolving disputes and maintaining contractual obligations.
