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.
Kansas Default Remedy Clause
Category:
State:
Multi-State
Control #:
US-OL14031
Format:
Word;
PDF
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How to fill out Default Remedy Clause?
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FAQ
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.
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.
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.
Statute of limitations in contracts for sale. (1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.
A clause which operates by automatically defaulting a borrower under Agreement A when it defaults under Agreement B. A cross-default provision effectively gives the lender under Agreement A the benefit of the default provisions in Agreement B. Cross-default provisions therefore have a domino effect.
For example, if a borrower defaults on his/her bank loan, the cross-default clause would cause him/her to be in default for his/her mortgage loan as well. Thus, cross-default clauses in loan agreements can easily create a domino effect for the borrowers. Default may occur in a loan agreement in several ways.
default clause is a standard clause in borrowing documents. It ensures that if a borrower formally defaults on a specific borrowing, all other borrowings with crossdefault language are automatically declared in default as well.
What Is Cross Default? Cross default is a provision in a bond indenture or loan agreement that puts a borrower in default if the borrower defaults on another obligation. For instance, a cross-default clause in a loan agreement may say that a person automatically defaults on his car loan if he defaults on his mortgage.
