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 Nebraska Default Remedy Clause is a legal provision that outlines the rights and remedies available to parties involved in a contractual agreement in the event of a default by one party. It serves as a safeguard to protect the interests of the non-defaulting party and provides a framework for resolving disputes and mitigating potential losses. In Nebraska, there are several types of Default Remedy Clauses commonly used in contracts. These include: 1. Acceleration Clause: This type of clause allows the non-defaulting party to declare the entire contract amount due and payable immediately upon default. It enables the injured party to demand full payment, thereby expediting the resolution of the contractual breach. 2. Liquidated Damages Clause: This clause specifies a predetermined amount of damages that the defaulting party must pay as compensation for the breach of contract. It avoids the need for lengthy litigation by establishing a fixed sum that reflects the anticipated loss suffered by the non-breaching party. 3. Reservation of Rights Clause: This clause allows the non-defaulting party to preserve its rights and remedies even if it chooses not to exercise them immediately after the default. It provides flexibility and allows for future actions if the defaulting party fails to rectify the breach or if additional damages arise over time. 4. Equitable Remedies Clause: This type of clause grants the non-defaulting party the option to seek non-monetary relief as a remedy for the breach. It may include injunctive relief, specific performance, or other equitable remedies determined by a court to be appropriate in the circumstances. 5. Right to Cure Clause: This clause gives the defaulting party a specific period of time to rectify the breach or default. It allows the defaulting party the opportunity to cure the default and fulfill its contractual obligations, thereby avoiding further consequences such as termination or legal action. It is crucial for parties entering into contracts in Nebraska to include a well-drafted Default Remedy Clause that suits their specific needs and objectives. The chosen clause should be clear, enforceable, and aligned with Nebraska contract laws to ensure effective resolution in the event of a default.
