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Harris Texas Onerous Approach to Default Remedy Clause

Category:
Landlord Tenant - Commercial Leases
State:
Multi-State
County:
Harris
Control #:
US-OL14032
Format:
Word; 
PDF
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Description

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.

The Harris Texas Onerous Approach to Default Remedy Clause refers to a specific clause found in contracts and agreements that outlines the remedies available to the non-defaulting party in the event of a default by the other party in Harris County, Texas. This clause is designed to protect the rights and interests of the non-defaulting party and provide them with various remedies to address the default. In Harris County, Texas, the default remedy clause can vary depending on the nature of the agreement or contract. Here are some types or variations of the Harris Texas Onerous Approach to Default Remedy Clause: 1. Harris Texas Onerous Approach to Default Remedy Clause in Loan Agreements: In loan agreements, this clause allows the lender to take specific actions in the event of a default by the borrower. These actions might include accelerating the loan, demanding immediate payment of outstanding balances, or foreclosing on collateral pledged as security for the loan. 2. Harris Texas Onerous Approach to Default Remedy Clause in Real Estate Contracts: For real estate contracts, this clause may grant the seller the right to terminate the contract, retain any earnest money or deposits made, and seek legal remedies for breach of contract. 3. Harris Texas Onerous Approach to Default Remedy Clause in Commercial Leases: In commercial leases, this clause enables the landlord to exercise remedies for non-payment, such as termination of the lease, re-entry or repossession of the property, or even filing a lawsuit for unpaid rent and damages. 4. Harris Texas Onerous Approach to Default Remedy Clause in Business Agreements: In general business agreements, this clause allows the non-defaulting party to terminate the agreement, seek monetary damages, and potentially pursue legal actions against the defaulting party for breaching the terms of the contract. The Harris Texas Onerous Approach to Default Remedy Clause emphasizes the seriousness of defaults and the potential consequences for those in breach of the agreement. It is crucial for all parties involved to carefully review and understand this clause to ensure compliance and mitigate risks.

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FAQ

Under UCC Article 2-719, parties to a sales contract are free to modify, alter, substitute or limit a buyer's remedies, including the limitation or exclusion of consequential damages. But there are exceptions. The exceptions are what courts have struggled with.

A limitation of damages clause is a contractual agreement where parties either exclude or limit the availability of damages that statutory law otherwise entitles them to.

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.

These requirements specify that a contract is 'onerous' when the unavoidable costs of meeting the contractual obligations ? i.e. the lower of the costs of fulfilling the contract and the costs of terminating it ? outweigh the economic benefits.

A typical example of an onerous contract would be a lease on a property that is no longer necessary but cannot be sublet. This situation could occur if the company were forced to downsize while the lease was still in effect, meaning that the office space is vacant.

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.

It is an established common law principle that if a party proposes a contract term that is 'particularly onerous or unusual', the term will not be incorporated into the contract unless it has been fairly and reasonably brought to the counterparty's attention.

One remedy is that a buyer's earnest money deposit can be kept by the buyer. Another remedy is that liquidated damages can be claimed in the event of default currently. Without liquidated damages, a third remedy would be for the seller to sue for actual damages, which could exceed the deposit.

An example of an onerous contract might be an agreement to rent a property that is no longer needed or that can no longer be made use of profitably.

A contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it.

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