This office lease clause is an onerous approach to a default remedies clause. This clause is similar to those found in many New York City landlord office lease forms.
Missouri Onerous Approach to Default Remedy Clause
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US-OL14032
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Occurs when a borrower does not meet its obligations under an agreement. For instance, a borrower under a loan agreement does not make a scheduled payment or violates a covenant.
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.
Material Default means any default by the private entity in the performance of its duties that jeopardizes adequate service to the public from a qualifying project.
You will be in default if you fail to make any minimum payment or other required payment by the date that it is due. You will be in default if you break any promise you make under this Agreement.
In law, a default is the failure to do something required by law or to comply with a contractual obligation. Legal obligations can arise when a response or appearance is required in legal proceedings, after taking out a loan, or as agreed in a contract; failure to carry them out puts one in defaults of the obligations.
Default means any event, act or condition that with notice or lapse of time, or both, would constitute an Event of Default. Default means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.