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 Illinois Default Remedy Clause is a legal provision that outlines the remedies available to parties in case of a default under a contract in the state of Illinois. It specifically defines the actions that can be taken by the non-defaulting party to seek compensation or relief when the other party fails to fulfill its obligations as per the agreement. In Illinois, different types of Default Remedy Clauses can be categorized based on the specific remedies they offer in case of default. Some common clauses include: 1. Liquidated Damages Clause: This type of Default Remedy Clause specifies a predetermined amount of damages that the defaulting party must pay to the non-defaulting party. The intent is to establish in advance a reasonable estimate of the actual damages that may arise from a default, thereby avoiding the need for lengthy litigation to determine damages. 2. Specific Performance Clause: Under this type of Default Remedy Clause, the non-defaulting party can seek a court order requiring the defaulting party to fulfill their contractual obligations. Instead of monetary compensation, the court may direct the defaulting party to perform specific actions as per the terms of the agreement. 3. Termination Clause: This clause allows the non-defaulting party to terminate the contract upon the occurrence of a default. It provides the right to walk away from the agreement, possibly seeking damages or expenses incurred due to the other party's breach. 4. Right to Cure Clause: Some Default Remedy Clauses may grant the defaulting party a specific period, known as a cure period, within which to rectify the breach. If the defaulting party successfully remedies the default within the stipulated time, they may avoid any further consequences or liability. 5. Acceleration Clause: This clause allows the non-defaulting party to accelerate the payment or performance of the remaining obligations, making them immediately due and payable. It aims to speed up the resolution of the dispute by demanding full performance or full payment upon default. It is important for parties entering into a contract in Illinois to carefully consider the inclusion and terms of the Default Remedy Clause. Consulting with legal professionals is highly recommended drafting or review such clauses to ensure they comply with Illinois contract law and protect the parties' interests in case of a default.
