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.
A North Dakota Default Remedy Clause is a specific provision included in contracts or agreements, particularly related to loans or mortgages, that outlines the rights and remedies available to the non-defaulting party in the event of a breach or default by the other party in North Dakota. This clause serves as a mechanism to protect the interests and provide legal recourse for the parties involved in the agreement. In North Dakota, there are several types of Default Remedy Clauses that may be employed depending on the nature of the contract or agreement. Some common types include: 1. Foreclosure or Power of Sale Clause: This type of default remedy clause is prevalent in mortgage agreements. It grants the lender the power to sell the property through a foreclosure process in the event of borrower default. The clause typically outlines the required notice periods, auction procedures, and specific rights and responsibilities of both the borrower and the lender. 2. Repossession or Right to Retake Clause: This clause is typically used in contracts related to movable property, such as vehicle loans or equipment leases. It entitles the lender or lessor to reclaim possession of the property in case of non-payment or other material breach by the borrower or lessee. It may specify the method of repossession, notice requirements, and any potential financial penalties or responsibilities. 3. Acceleration Clause: This type of default remedy clause is commonly found in loan agreements. It allows the lender to demand immediate repayment of the entire outstanding loan balance if the borrower fails to meet certain payment or performance obligations. The clause may include provisions for notice requirements, additional fees, and consequences if the acceleration is triggered. 4. Liquidated Damages Clause: This clause specifies a predetermined amount of damages that the defaulting party must pay to the non-defaulting party in the event of a breach. It is often included in contracts where assessing actual damages would be difficult or uncertain. The clause should outline the conditions under which the liquidated damages are applicable and any limitations or exemptions. When drafting or reviewing a North Dakota Default Remedy Clause, it is crucial to consult with a qualified attorney who specializes in contract law to ensure compliance with relevant state laws and regulations. The specific wording and provisions of the clause can significantly impact the rights and remedies available to the parties involved, making it essential to tailor the clause to the unique circumstances of the agreement.
