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.
Dallas Texas Default Remedy Clause
Category:
State:
Multi-State
County:
Dallas
Control #:
US-OL14031
Format:
Word;
PDF
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How to fill out Default Remedy Clause?
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FAQ
A remedies clause sets forth the parties' intention to provide for equitable remedies for breach of contract, in addition to or instead of just monetary relief. A remedies clause can also be used to limit the relief the parties can obtain upon breach of the contract.
A remedy is a form of court enforcement of a legal right resulting from a successful civil lawsuit.
Examples of legal remedies (or damages) include compensatory, consequential, and punitive. Examples of equitable remedies include injunctions, constructive trust, subrogation, and equitable lien.
Noncurable Default means a default that cannot be cured and includes each of the following: (a) a breach of a representation or warranty, (b) a breach of Section 6.1 or any other restriction upon transfer or hypothecation, (c) an intentional breach, (d) a breach constituting gross negligence or willful misconduct (
Understand that there are various rules that limit recovery for the nonbreaching party in a contract case. Know how these concepts serve to limit contract remedies: foreseeability, mitigation of damages, certainty of damages, loss of power of avoidance, election of remedies, and agreement of the parties.
If the buyer is walking away for a valid reason under the contract, then they are entitled to their earnest money. During the option period, the buyer has the unrestricted right to withdraw for any reason whatsoever.
Default Remedies means all rights and remedies of any Secured Party in respect of any Common Collateral, whether arising pursuant to the DIP Credit Agreements, the Collateral Documents, the Orders or applicable law, the exercise of which is contingent upon the occurrence and continuation of an Event of Default (as
If you are buying and back out with no approved reason for doing so, you may lose any money you put down on the house and could be sued for breach of contract. As a seller, you may also face being taken to court.
In many agreements, you may find a clause labeled limitation of remedy. This clause is largely similar to a limitation of liability clause in that it controls how much responsibility a company has under a contract. Often, however, the limitation of remedy clauses limits the types of remedies you can pursue.
Agreement Default means any material breach of a representation or warranty made by a Party, or the failure of a Party to perform or observe in any material respect any of the covenants or agreements to be performed by such Party under this Agreement; Sample 2.
