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 Mexico Default Remedy Clause is a legal provision that outlines the rights and remedies available to the non-defaulting party in the event of a breach or default under a contract in the state of New Mexico. This clause helps establish the available options and actions that can be taken when one party fails to fulfill their contractual obligations. Under the New Mexico Default Remedy Clause, the non-defaulting party has several remedies they can pursue to address the breach or default. These remedies aim to provide fair and equitable solutions to parties involved in the contract, protecting their interests and providing appropriate compensation or damages. There are different types of Default Remedy Clauses that may be included in contracts in New Mexico, each tailored to specific situations and circumstances: 1. Monetary Damages: This remedy allows the non-defaulting party to seek compensation for any financial losses or damages resulting from the breach. The contract may specify the method of calculating damages, such as liquidated damages or actual damages based on the harm caused. 2. Specific Performance: In some cases, the non-defaulting party may seek specific performance as a remedy. This means that the breaching party is ordered by the court to fulfill their contractual obligations as initially agreed upon. 3. Termination and Rescission: If the breach is substantial and irreparable, the non-defaulting party may have the right to terminate the contract and seek restitution or rescission. This remedy allows the party to be released from their contractual obligations and potentially recover any consideration or assets provided. 4. Injunctive Relief: The non-defaulting party may request injunctive relief, seeking a court order to prevent the breaching party from continuing actions that could result in further harm or damage. This remedy aims to preserve the status quo until the breach is resolved. It is important to note that the specific terms of each Default Remedy Clause can vary depending on the individual contract and the preferences of the parties involved. Consulting with a qualified attorney is advisable to ensure that the clause is drafted correctly and provides appropriate remedies in accordance with New Mexico law.
