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.
Utah Default Remedy Clause
Category:
State:
Multi-State
Control #:
US-OL14031
Format:
Word;
PDF
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Description
How to fill out Default Remedy Clause?
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FAQ
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.
Under Utah law, a landlord who seeks to hold a breaching tenant liable for unpaid rent has an obligation to take commercially reasonable steps to mitigate its losses, which ordinarily means that the landlord must seek to re-let the premises.
What are ?treble damages?? Utah law allows a landlord to collect three times (?treble?) the usual daily rental amount from the day after the expiration of the initial eviction notice until the tenant actually leaves the rental unit. This is the period of ?unlawful detainer?.
Other remedies that lenders can consider if an event of default exists under a loan agreement are: Refusing to make further loans or issue additional letters of credit. Accelerating the borrower's loan repayment obligations. Requiring the borrower to cash collateralize undrawn and unexpired letters of credit.
