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 New Jersey Default Remedy Clause refers to a legal provision that governs the rights and remedies available to parties involved in a default situation in contracts within the jurisdiction of New Jersey, United States. It sets out the specific actions that can be taken by the non-defaulting party when the other party fails to meet its obligations under the agreement. This clause plays a crucial role in defining the consequences and potential remedies in case of a breach or default. There are two main types of default remedy clauses commonly used in New Jersey: 1. Monetary Remedies: This type of default remedy clause focuses on financial compensation as the remedy for a default. It allows the non-defaulting party to recover any damages suffered due to the breach. The clause may specify the amount, method, and timing of payment, or may refer to the applicable laws for determining the monetary damages. 2. Specific Performance: In certain situations, monetary compensation may not be an adequate remedy, especially when the subject of the contract is unique or involves real estate. In such cases, the New Jersey Default Remedy Clause may grant the non-defaulting party the right to seek specific performance. This means that the party in default can be compelled by the court to fulfill their contractual obligations as originally agreed upon. Moreover, the New Jersey Default Remedy Clause may also mention the possibility of seeking injunctive relief, which aims to prevent the defaulting party from taking certain actions or to enforce specific actions. Injunctive relief may be used when the breach threatens irreparable harm to the non-defaulting party or when monetary compensation is insufficient to address the issue at hand. In conclusion, the New Jersey Default Remedy Clause encompasses provisions that outline the remedies available to parties involved in a contractual breach within the jurisdiction of New Jersey. These remedies can include monetary compensation, specific performance, or injunctive relief, depending on the circumstances of the default.
