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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.
What does in default of agreement mean?
Occurs when a borrower does not meet its obligations under an agreement. For instance, a borrower under a loan agreement does not make a scheduled payment or violates a covenant.
What is the default clause in a lease agreement?
Commercial leases require an effective default clause that allows the landlord to force a tenant to comply with all lease obligations. The default clause commonly provides the procedure for obtaining an eviction or the threat of an eviction for a commercial tenants violation of the lease.
What happens when your landlord defaults?
If your landlord defaults on their loan, it can have serious consequences for tenants. Your landlord may be unable to make necessary repairs or improvements to the building, or they may be forced to sell the property, which could result in you having to move out.
What happens if your lease goes into default?
Default is an omission or failure by either Party to meet a provision of the lease. If the default is not cured (remedied) by the defaulting Party, actions may be taken by the other Party, including (but not limited to) terminating the lease.
Related Searches
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How much notice does a landlord have to give in Kentucky?
Landlords are required to give at least two days notice before entering an occupied property. Required notice for entry is waived in the case of emergencies. When terminating a lease for non-payment of rent landlords must give a 7 day notice to cure or quit.
What is the default clause on a residential lease?
The default clause should outline how the process will work. Most clauses dont consider tenants in default until at least five days after the rent was due. Your state and city may also have local tenant laws that dictate when a renter can be considered in default.
Related links
Stop Shutting the Door on Renters: Protecting Tenants from
This Article discusses existing and proposed federal and state laws affecting tenants rights in foreclosure. As Foreclosure signs rapidly.
383.660 Tenants noncompliance with rental agreement
If the tenants noncompliance is willful the landlord may recover actual damages and reasonable attorneys fees. Effective: July 13, 1984. History: Repealed and
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