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 Kings New York Default Remedy Clause is a legal provision that outlines the remedies available to creditors in the event of default by a debtor in the state of New York, specifically in the Kings County Court system. It is crucial for both creditors and debtors to understand this clause as it governs the actions that can be taken in order to recover outstanding debts. As per the Kings New York Default Remedy Clause, there are several types of remedies that can be pursued depending on the specific circumstances of the default. Some key keywords relevant to this clause include: 1. Money Judgment: One type of remedy available under the Kings New York Default Remedy Clause is the issuance of a money judgment. A creditor can seek this remedy to recover the unpaid debt along with a potential interest amount as set by the court. 2. Garnishment: Another remedy that can be pursued under this clause is garnishment. This allows the creditor to collect the debt directly from the debtor's wages, bank accounts, or other assets. The court may order the garnishment of a certain percentage of the debtor's income until the debt is fully satisfied. 3. Lien: In certain cases, the Kings New York Default Remedy Clause allows creditors to place a lien on the debtor's property as a form of security. This means that the creditor will have a legal claim over the property until the debt is repaid. 4. Foreclosure: If the default involves a mortgage or property loan, the creditor may pursue foreclosure as a remedy. This enables the creditor to seize and sell the property in order to recover the outstanding debt. 5. Repossession: In cases where the debt is related to personal property such as vehicles or equipment, the Kings New York Default Remedy Clause may grant creditors the right to repossess such assets as a means of recovering the debt. It is important to note that these remedies may vary depending on the specific terms agreed upon in the original contract between the parties. Additionally, individuals involved in a default case should seek legal counsel to fully understand the implications of the Kings New York Default Remedy Clause and its applicability to their unique situation.The Kings New York Default Remedy Clause is a legal provision that outlines the remedies available to creditors in the event of default by a debtor in the state of New York, specifically in the Kings County Court system. It is crucial for both creditors and debtors to understand this clause as it governs the actions that can be taken in order to recover outstanding debts. As per the Kings New York Default Remedy Clause, there are several types of remedies that can be pursued depending on the specific circumstances of the default. Some key keywords relevant to this clause include: 1. Money Judgment: One type of remedy available under the Kings New York Default Remedy Clause is the issuance of a money judgment. A creditor can seek this remedy to recover the unpaid debt along with a potential interest amount as set by the court. 2. Garnishment: Another remedy that can be pursued under this clause is garnishment. This allows the creditor to collect the debt directly from the debtor's wages, bank accounts, or other assets. The court may order the garnishment of a certain percentage of the debtor's income until the debt is fully satisfied. 3. Lien: In certain cases, the Kings New York Default Remedy Clause allows creditors to place a lien on the debtor's property as a form of security. This means that the creditor will have a legal claim over the property until the debt is repaid. 4. Foreclosure: If the default involves a mortgage or property loan, the creditor may pursue foreclosure as a remedy. This enables the creditor to seize and sell the property in order to recover the outstanding debt. 5. Repossession: In cases where the debt is related to personal property such as vehicles or equipment, the Kings New York Default Remedy Clause may grant creditors the right to repossess such assets as a means of recovering the debt. It is important to note that these remedies may vary depending on the specific terms agreed upon in the original contract between the parties. Additionally, individuals involved in a default case should seek legal counsel to fully understand the implications of the Kings New York Default Remedy Clause and its applicability to their unique situation.
