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.
Arkansas Default Remedy Clause
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Multi-State
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US-OL14031
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Word;
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How to fill out Default Remedy Clause?
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FAQ
Default means any condition or event that, with the giving of notice or the lapse of time or both, would constitute an Event of Default. Default means any event or condition which upon notice, lapse of time or both would constitute an Event of Default.
Other remedies that lenders can consider if an event of default exists under a loan agreement are: Refusing to make further loans or issue additional letters of credit. Accelerating the borrower's loan repayment obligations. Requiring the borrower to cash collateralize undrawn and unexpired letters of credit.
The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
How can an event of default be cured? Agreements typically allow the defaulting party an opportunity to cure or remedy the default within a certain period before negative consequences apply. The grace period could be days, weeks, or longer, and some agreements allow for a maximum number of cures.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
There are several remedies for breach of contract, such as award of damages, specific performance, rescission, andrestitution. In courts of limited jurisdiction, the main remedy is an award of damages.
An event of default is a circumstance allowing a lender to demand full repayment of any balance due before the due date. In general, a default clause lets the non-breaching party do one of the following: Terminate the agreement. Request damages.
