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 Oklahoma Default Remedy Clause is a legal provision used in contracts to address the consequences and remedies when one party fails to fulfill their obligations. It is crucial to include this clause in agreements to protect the rights and interests of both parties involved. In Oklahoma, there are various types of Default Remedy Clauses that cater to specific situations and circumstances. One commonly used type of Oklahoma Default Remedy Clause is the Damages Clause. This clause outlines the financial compensation that the non-defaulting party is entitled to receive when the other party breaches the contract. The damages can be liquidated, meaning they are predetermined and specified in the contract, or unliquidated, which are determined by the court based on the actual harm suffered. Another type is the Cure Period Clause, also referred to as the Notice and Opportunity to Cure Clause. This clause allows the defaulting party a specified period, typically called the cure period, to rectify the breach before the non-defaulting party can exercise any remedies. If the defaulting party fails to cure the breach within the stipulated time, the non-defaulting party can proceed with other available remedies. Furthermore, the Equitable Remedies Clause is another type of Default Remedy Clause in Oklahoma. It provides the non-defaulting party with equitable remedies, such as specific performance or injunctive relief. Specific performance allows the injured party to compel the defaulting party to fulfill their obligations under the contract. Injunctive relief, on the other hand, seeks to restrain the defaulting party from taking certain actions or behaving in a way that would cause irreparable harm. Additionally, the Termination Clause is a specific type of Default Remedy Clause that allows the non-defaulting party to terminate the contract in case of a breach. This type of clause can be highly beneficial in situations where the breach is significant and continuing the contract would be disadvantageous or impossible. In conclusion, the Oklahoma Default Remedy Clause is a vital component of contracts, providing recourse for parties in case of breach. Various types of Default Remedy Clauses, such as the Damages Clause, Cure Period Clause, Equitable Remedies Clause, and Termination Clause, serve distinct purposes and offer different remedies to protect the rights and interests of the parties involved.
