This office lease clause is an onerous approach to a default remedies clause. This clause is similar to those found in many New York City landlord office lease forms.
Colorado Onerous Approach to Default Remedy Clause
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US-OL14032
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This provision specifies the remedies for an Event of Default and also outlines the order in which available funds will be disbursed to the lenders. all outstanding borrowings become immediately due and payable. all outstanding borrowings become immediately due and payable.
The default provision sets forth the conditions under which one of the parties will not have fulfilled its obligations under the contract. For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default.
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.
In the case of actions required to be taken by a specified time or date, this provision says that if the borrower later takes that action, even if after the deadline, the default is deemed to be cured.
?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.