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.
Tennessee Onerous Approach to Default Remedy Clause
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US-OL14032
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How to fill out Onerous Approach To Default Remedy Clause?
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FAQ
Standard Clause under Tennessee law requiring the breaching party to pay a predetermined amount to the non-breaching party as exclusive compensation for the breaching party's failure to perform a specific task or comply with a particular obligation.
While liquidated damages provisions can have advantages, they are not always enforceable. If the predetermined amount of damages ends up grossly disproportionate to the actual harm suffered, courts will refuse to enforce the provision on the grounds that it is a penalty instead of an estimate of actual damages.
An exclusive remedies clause limits the owner's right to recover for any failure of the contractor to fulfill its contractual obligations to those remedies specified in the contract.
Liquidated damages are presented in certain legal contracts as an estimate of otherwise intangible or hard-to-define losses to one of the parties. These damages are paid out in the case of a breach of contract, and are pre-estimated and spelled out in advance when the contract is signed.
Standard Clause under Tennessee law requiring the breaching party to pay a predetermined amount to the non-breaching party as exclusive compensation for the breaching party's failure to perform a specific task or comply with a particular obligation.
Liquidated damages clauses are not enforceable unless: (1) the fixed amount is a reasonable forecast of just compensation for the harm; and (2) the harm caused by the breach is difficult to estimate accurately.
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.