Default Of Lease Meaning Forfeiture
Description
How to fill out Florida Notice Of Default On Residential Lease?
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FAQ
In case of negligence/dereliction of duty by contractor's staff, the above contract shall be terminated without giving any notice by the Bank and the security deposit shall be forfeited.
What are the consequences of forfeiture? Ownership of the property will pass back to the Landlord. You will be required to move out of the property. The Landlord can sell the property; however you will not be entitled to any monies received from the sale.
Forfeit or forfeiture means losing a right, privilege, or property without compensation as a consequence of violating the law, breaching a legal obligation, failing to perform a contractual obligation or condition, or neglecting a legal duty. Under federal law, there are civil, criminal, and administrative forfeitures.
If a landlord forfeits a headlease, the underlease will typically end. Often, a landlord forfeits the headlease because their head tenant is no longer able to pay rent.
Criminal forfeiture operates as punishment for a crime. It, therefore, requires a conviction, following which the state takes the assets in question from the criminal. Civil forfeiture rests on the idea (a legal fiction) that the property itself, not the owner, has violated the law.
