Letter from Landlord to Tenant as Notice of Default on Commercial Lease - New York 2025

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An event of default is an event that is set out in a commercial contract, which gives the non-defaulting party the right to terminate the agreement. It is commonly used in finance transactions such as loan agreements or debt instruments.
Dear Tenant: This letter is to inform you that you have failed to pay rent in a timely manner for the unit you rent from our organization. Continued failure to pay the rent due or arrange for a payment plan (if eligible) will cause the organization to pursue legal action to reclaim possession of the rental unit.
Legal and Financial Consequences For Tenants Accumulating late fees can lead to financial strain, potential eviction, and legal action for unpaid rent. For Landlords Persistent defaults may result in lost revenue, legal costs, and challenges in re-leasing the property.
Just write formally, and concise. To whom it may concern, I am ending the lease on effective . (Optional but polite) If you have any questions you may reach me at . You may want to add why. Dont be vindictive (Ie Because youre an awful landlord and smell like a skunk.) it may come back to haunt you.
Typical events of default include non-payment or late payment of amounts due, breach of certain material representations and warranties or covenants, cross-default, breach of change of control provisions, and insolvency.
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A potential event of default is a condition or circumstance that, with the passage of time or the giving of notice, would become an event of default. This gives the lender time to address the issue in good faith before it fully escalates.
A default is a failure to comply with a provision in the lease. Curing or remedying the default means correcting the failure or omission. A common example is a failure to pay the rent on time.
Typical events of default include non-payment of interest or principal, breach of representation, breach of covenant, cross-default, material adverse change and insolvency.

default notice commercial lease