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 Massachusetts Default Remedy Clause is a crucial provision within contracts that outlines the course of action to be taken in the event of a breach or default. This clause, also known as a default remedy provision, defines the rights and responsibilities of parties involved when one fails to fulfill their obligations as stated in the agreement. It serves as an important mechanism for protecting the interests of both the party in breach and the non-breaching party. In Massachusetts, there are several types of Default Remedy Clauses that can be incorporated into contracts based on the nature of the agreement and the parties' mutual understanding. These different types include: 1. Monetary Damages: This is the most common form of default remedy clause, through which the non-breaching party is entitled to receive financial compensation as a result of the breach. The clause may specify the amount of damages, or provide a formula to determine the appropriate compensation. 2. Specific Performance: In certain situations, monetary damages may not adequately compensate the non-breaching party. In such cases, the Default Remedy Clause may allow for specific performance, which means that the party in breach is compelled to fulfill their obligations as outlined in the contract. 3. Right to Terminate: This type of Massachusetts Default Remedy Clause grants the non-breaching party the right to terminate the contract due to the other party's default. Upon termination, the non-breaching party may be entitled to financial restitution and any property or assets held by the defaulting party. 4. Cure Period: Sometimes, the breaching party may be given an opportunity to remedy the default within a specified timeline. The Default Remedy Clause may state a cure period, allowing the breaching party to rectify the breach before any further action is taken. If the default is not rectified within the cure period, the non-breaching party can proceed with other remedies. 5. Liquidated Damages: In certain contracts, the Default Remedy Clause may establish predetermined damages payable by the breaching party in the event of a default. These liquidated damages are agreed upon in advance and reflect a reasonable estimation of the non-breaching party's potential losses. Regardless of the type of Default Remedy Clause utilized in Massachusetts, it is crucial for the clause to be clearly drafted and unambiguous to ensure enforceability in case of a breach. It is advisable for parties to seek legal counsel to understand their rights and obligations under such clauses and to tailor them to suit their specific contractual needs.
