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.
Florida Default Remedy Clause
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US-OL14031
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How to fill out Default Remedy Clause?
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FAQ
An example of a legal remedy in contract law is compensatory damages. Compensatory damages are intended to compensate the non-breaching party for their actual losses. This may include damages for lost wages, medical bills, or property damage. Compensatory damages may also include emotional distress damages.
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.
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.
What does Remedy mean? The means by which a court enforces a right or orders redress for a wrong. It can include damages (whether compensatory or restitutionary), injunctive relief (whether interim or final) and specific performance (of outstanding obligations).
The Company acknowledges that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Agreement and the Company hereby agrees to waive the defense in any action for specific performance that a remedy at law would be adequate.
The rights and remedies clause is categorised as one of the boilerplate clauses of an agreement. It provides that the remedies available to the parties under an agreement do not exclude any other available remedies and that any accrued rights and claims of the parties will survive termination.
A boilerplate rights and remedies clause (or cumulative remedies clause) recording that the parties to an agreement intend the rights and remedies provided under the agreement to co-exist with any other rights and remedies available to them under the general law, and not to displace them.
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.
