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 New York Default Remedy Clause is a provision included in contracts or agreements to address the consequences or remedies available in case one party fails to fulfill their obligations or defaults on the agreed terms. This clause ensures that if a default occurs, the non-defaulting party has remedies available to protect their rights and seek appropriate relief. It specifically applies to contracts governed by New York law. There are different types of New York Default Remedy Clauses, which can be tailored to suit the specific needs of the parties involved. These clauses may include the following: 1. Termination Clause: This type of clause allows the non-defaulting party to terminate the agreement in the event of a default by the other party. The termination may occur immediately or after a specified notice period. Upon termination, the non-defaulting party may be entitled to seek damages or other remedies as provided for in the agreement. 2. Cure Period Clause: This clause grants the defaulting party a specific period to cure or rectify the default before any further actions can be taken. During this cure period, the non-defaulting party usually cannot terminate the agreement, but may be entitled to suspend performance or take other precautionary measures. 3. Liquidated Damages Clause: A liquidated damages' clause sets predetermined amounts or means of calculating damages payable by the defaulting party in case of a breach. This type of clause helps to provide certainty and predictability regarding the amount of compensation the non-defaulting party may receive. 4. Specific Performance Clause: This type of clause allows the non-defaulting party to seek a court order requiring the defaulting party to fulfill their obligations under the agreement. It is often used when the subject of the contract is unique or the damages cannot be adequately compensated in monetary terms. 5. Right to Recover Costs and Attorney's Fees: This clause enables the non-defaulting party to recover their reasonable costs, expenses, and attorney's fees incurred in enforcing their rights or defending against the defaulting party's breach. It is important to note that the specific types and provisions of a New York Default Remedy Clause may vary depending on the nature of the contract, the parties involved, and any negotiated terms. It is recommended to seek legal advice to ensure that the clause effectively protects the rights and interests of the parties in accordance with New York law.
