This office lease clause is an onerous approach to a default remedies clause. This clause is similar to those found in many New York City landlord office lease forms.
New York Onerous Approach to Default Remedy Clause
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US-OL14032
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FAQ
A sole and exclusive remedy clause allows parties to a contract to choose specific remedies and relief available under the terms of the agreement.
Commercial leases require an effective default clause that allows the landlord to force a tenant to comply with all lease obligations. The default clause commonly provides the procedure for obtaining an eviction or the threat of an eviction for a commercial tenant's violation of the lease.
A boilerplate rights and remedies clause (or cumulative remedies clause) recording that the parties to an agreement intend the rights and remedies provided under the agreement to co-exist with any other rights and remedies available to them under the general law, and not to displace them.
This provision specifies the remedies for an Event of Default and also outlines the order in which available funds will be disbursed to the lenders. all outstanding borrowings become immediately due and payable. all outstanding borrowings become immediately due and payable.
A boilerplate rights and remedies clause (or cumulative remedies clause) recording that the parties to an agreement intend the rights and remedies provided under the agreement to co-exist with any other rights and remedies available to them under the general law, and not to displace them.
