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.
Oregon Onerous Approach to Default Remedy Clause
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Hear this out loud PauseThe Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
In the event of a default, Lender may, at its option, and without notice to Borrower, declare the unpaid balance of the Notes to be immediately due and payable.
How can an event of default be cured? Agreements typically allow the defaulting party an opportunity to cure or remedy the default within a certain period before negative consequences apply. The grace period could be days, weeks, or longer, and some agreements allow for a maximum number of cures.
A ?default? is a failure to comply with a provision in the lease. ?Curing? or ?remedying? the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
There are three types of equitable remedies: specific performance, injunction, and restitution. Specific Performance. Specific performance is a judicial order to the promisor that he undertake the performance to which he obligated himself in a contract. ... Injunction. ... Restitution.
Hear this out loud PauseThis 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.