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 Texas Default Remedy Clause is a legal provision that is commonly included in contracts to address the potential default or breach of the agreement by one of the parties involved. This clause outlines the specific remedies or actions that can be taken by the non-breaching party in the event of a default. It serves as a safeguard mechanism to protect the interests of the parties involved and to provide a clear course of action to rectify any breaches. There are different types of Texas Default Remedy Clauses that may be used depending on the nature of the contract and the intentions of the parties involved. Some common types include: 1. Damages Clause: This type of clause specifies the monetary amount that the breaching party must pay as compensation for the damages caused by the default. It may include provisions for both actual damages (direct losses) and consequential damages (indirect losses). 2. Specific Performance Clause: This clause allows the non-breaching party to seek a court order compelling the breaching party to fulfill their obligations as outlined in the contract. It is often used in situations where monetary compensation alone would not adequately remedy the breach. 3. Termination Clause: This clause enables the non-breaching party to terminate the contract in the event of a default. It provides the legal authority to dissolve the agreement and end any further obligations or commitments between the parties. 4. Cure Period Clause: This type of clause grants the breaching party a specified amount of time to rectify the breach or default. During this period, the non-breaching party typically cannot take any additional actions against the breaching party. It is important to carefully consider and draft a Texas Default Remedy Clause to ensure that it aligns with the specific goals and requirements of the contract. Seeking legal advice or consulting with a qualified attorney is recommended to ensure the clause adequately protects the interests of all parties involved.
