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.
Illinois Default Remedy Clause
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State:
Multi-State
Control #:
US-OL14031
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Word;
PDF
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How to fill out Default Remedy Clause?
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FAQ
Governing law can be important because a dispute may hinge on differences in local laws. However, the parties in a contract are not necessarily bound to where they live or where the contract is signed. A governing law provision allows the parties to agree to use a particular state's laws to interpret the agreement.
Choice of law clause, also known as a governing law clause, that allows the contract parties to choose the substantive law of Illinois to apply to the contract.
In a rescission action, there generally is little to no dispute over whether the parties entered into a valid contract. Under Illinois law, seeking rescission does not make the contract void or undercut the contract's enforceability. It merely makes the contract voidable and subject to rescission (Pardo, 77 F. Supp.
Governing law is a contractual provision (also known as a choice of law provision) that determines which law shall apply in the event of a dispute. Such a clause is generally honored by the courts which do not interfere with the agreement of the parties regarding the applicable law.
Exclusion of conflict of laws principles clarifies that the parties intend that the governing law expressly indicated in the contract is to apply. The phrase ?without regard to conflict of law principles? may be glossed over by a contracting party.
Statute of limitations. (1) An action for default under a lease contract, including breach of warranty or indemnity, must be commenced within 4 years after the cause of action accrued. By the original lease contract the parties may reduce the period of limitation to not less than one year.
A governing law clause allows the parties to specify the system of law that will apply to the interpretation of the contract and its effect if a dispute arises.
(2) The borrower's right to cure the default by paying the sum of money required, provided that a lender or assignee shall accept any partial payment made or tendered in response to the notice.
