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 Lima Arizona Default Remedy Clause is a legal provision that outlines the course of action when a borrower defaults on a loan in Lima, Arizona. It serves as a protective measure for lenders by defining the available remedies in case of default, specifying the steps they can take to recover their investment. In Lima, Arizona, there are several types of Default Remedy Clauses that can be included in loan agreements. These clauses may vary depending on the specific terms and conditions agreed upon by the parties involved. Here are some common types of Lima Arizona Default Remedy Clauses: 1. Foreclosure Clause: This type of Default Remedy Clause allows the lender to initiate foreclosure proceedings on the borrower's property in the event of default. It grants the lender the right to sell the property and use the proceeds to recoup the outstanding loan amount. 2. Acceleration Clause: An Acceleration Clause in the Default Remedy provision allows the lender to demand immediate repayment of the entire loan balance upon default. This clause typically occurs when the borrower fails to make timely payments or violates other significant terms of the loan agreement. 3. Repossession Clause: This clause enables the lender to repossess any collateral specified in the loan agreement, such as a vehicle or equipment, in case of default. The lender can sell the repossessed asset to recover the outstanding debt. 4. Mediation or Arbitration Clause: Some loan agreements may include a Mediation or Arbitration Clause as part of the Default Remedy provision. This clause requires the parties to engage in a formal mediation or arbitration process to resolve issues before pursuing legal remedies. 5. Cure Period Clause: A Cure Period Clause allows the borrower a specific period of time to remedy the default by addressing the outstanding issue or catch up on missed payments. If the borrower fails to cure the default within the stipulated period, the lender can exercise their remedies as outlined in other clauses. It's important for borrowers to carefully review and understand the specifics of the Default Remedy Clause when entering into loan agreements in Lima, Arizona. Conversely, lenders should include these clauses to protect their interests and ensure appropriate recourse in case of borrower default. Seeking legal advice from a qualified professional is highly recommended to fully comprehend the implications and variations in Lima Arizona Default Remedy Clauses.The Lima Arizona Default Remedy Clause is a legal provision that outlines the course of action when a borrower defaults on a loan in Lima, Arizona. It serves as a protective measure for lenders by defining the available remedies in case of default, specifying the steps they can take to recover their investment. In Lima, Arizona, there are several types of Default Remedy Clauses that can be included in loan agreements. These clauses may vary depending on the specific terms and conditions agreed upon by the parties involved. Here are some common types of Lima Arizona Default Remedy Clauses: 1. Foreclosure Clause: This type of Default Remedy Clause allows the lender to initiate foreclosure proceedings on the borrower's property in the event of default. It grants the lender the right to sell the property and use the proceeds to recoup the outstanding loan amount. 2. Acceleration Clause: An Acceleration Clause in the Default Remedy provision allows the lender to demand immediate repayment of the entire loan balance upon default. This clause typically occurs when the borrower fails to make timely payments or violates other significant terms of the loan agreement. 3. Repossession Clause: This clause enables the lender to repossess any collateral specified in the loan agreement, such as a vehicle or equipment, in case of default. The lender can sell the repossessed asset to recover the outstanding debt. 4. Mediation or Arbitration Clause: Some loan agreements may include a Mediation or Arbitration Clause as part of the Default Remedy provision. This clause requires the parties to engage in a formal mediation or arbitration process to resolve issues before pursuing legal remedies. 5. Cure Period Clause: A Cure Period Clause allows the borrower a specific period of time to remedy the default by addressing the outstanding issue or catch up on missed payments. If the borrower fails to cure the default within the stipulated period, the lender can exercise their remedies as outlined in other clauses. It's important for borrowers to carefully review and understand the specifics of the Default Remedy Clause when entering into loan agreements in Lima, Arizona. Conversely, lenders should include these clauses to protect their interests and ensure appropriate recourse in case of borrower default. Seeking legal advice from a qualified professional is highly recommended to fully comprehend the implications and variations in Lima Arizona Default Remedy Clauses.
