In landlord-tenant law, default refers to the failure of a tenant to timely pay rent due. In anticipation of such an occurence, landlords commonly require a new tenant to pay a security deposit, which may be used to remedy defaults in payment of rent and other monetary obligations under the rental agreement. In general, the landlord is required to give the tenant notice of the default before bringing eviction proceedings or applying security deposit proceeds to the payment in default. The fixing of a definite default date for payment of rent can be critical if it becomes necessary to evict a tenant for a default in the payment of rent. Landlords often require a background and/or reference check on prospective tenants in an attempt to minimize defaults in rent payments.
Default On Lease Agreement For Tenant
Description
How to fill out Florida Notice Of Default On Residential Lease?
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FAQ
An "event of default" is a defined term in loan and lease agreements. The following would constitute a default event in a typical credit agreement clause: non-payment of any amount of the loan (including interest) financial covenant breach.
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.
The main purpose of a default clause is to give a tenant incentive to hold up their end of the agreement and follow any requirements laid out in the lease.
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 tenant's violation of the lease.
The primary objective of a lease agreement default clause is to provide the landlord with the legal means to: Hold tenants responsible for any breaches of agreement. Get an eviction judgment when needed. Minimize their losses in the case of a breach.
