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.
Wayne Michigan Default Remedy Clause
Category:
State:
Multi-State
County:
Wayne
Control #:
US-OL14031
Format:
Word;
PDF
Instant download
Description
How to fill out Default Remedy Clause?
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FAQ
Tenant default refers to a situation where the tenant fails to meet the obligations specified in the lease agreement. This could involve non-payment of rent, violating lease terms, or neglecting property maintenance. Recognizing tenant default is vital, as it triggers the potential application of the Wayne Michigan Default Remedy Clause. Understanding these terms helps both parties navigate potential conflicts effectively.
When a buyer defaults, a seller has the option to sue for specific performance. This is an equitable remedy and an alternative to collecting monetary damages. It is a claim that is pursued through litigation, and if it is granted, a court will order a buyer to go to closing on a home.
Examples Compensatory damages. General damages. Special damages. Consequential damages. Incidental damages. Expectation damages. Reliance damages. Punitive damages.
A remedy is a form of court enforcement of a legal right resulting from a successful civil lawsuit.
An event of default is a pre-specified condition or threshold that, if met, allows the lender or creditor to demand immediate and full repayment of a debt or obligation. An event of default may include delinquent or non-payment of principal or interest due, a breach of a bond covenant, or insolvency, among others.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
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
Buyer Default refers to nonpayment of the Earnest Money in accordance with the provisions of this Agreement (including nonpayment or dishonor of any check delivered for the Earnest Money) and/or the failure of this transaction to close due to nonperformance, breach and/or default with respect to the Buyer's obligation(
Examples of legal remedies (or damages) include compensatory, consequential, and punitive. Examples of equitable remedies include injunctions, constructive trust, subrogation, and equitable lien.
There are three types of equitable remedies: specific performance, injunction, and restitution.
