Default Of Lease Meaning With Lease Agreement
Description
How to fill out Florida Notice Of Default On Residential Lease?
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FAQ
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.
Default terms, such as implied warranties, apply absent evidence of the parties' contrary agreement. Default terms are specified in the transaction documents and commonly include the debtor missing one or more payments or failing certain liquidity measures, among other events.
Lessee Default means any default by the applicable Lessee in payment of a total of three months of rent pursuant to such Lease, and such default remains uncured for more than 120 days from the original due date of the latest payment resulting in a total of three months of rent remaining unpaid.
For example, failing to deliver goods or services on time, or failing to pay on time would trigger a default. Often, these provisions enable the non-defaulting party to cancel the contract, but often these provisions set forth the conditions which must first arise.
A default is a failure to fulfill an obligation. Defaulting is most common in regards to debtor-creditor law and contract law.
