Acceleration Clause In Commercial Lease
Description
How to fill out Installment Promissory Note With Acceleration Clause And Collection Fees?
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FAQ
For example, assume a borrower with a five year mortgage loan fails to make a payment in the third year. The terms of the loan include an acceleration clause which states the borrower must repay the remaining balance if one payment is missed.
In the event of default in the payment of any of the said installments or said interest, when due as herein provided, time being of the essence hereof, the holder of this note may, without notice or demand, declare the entire principal sum then unpaid immediately due and payable.
Rent Acceleration in TexasThis type of provision is unenforceable. In Texas, landlords are responsible for mitigating damages and exposure to leases with tenants. This means that if a tenant terminates the lease early, the landlord must take reasonable steps to re-lease the subject property.
What is an Acceleration of Rent Provision? An acceleration of rent provision gives the landlord the right, after a default by the tenant, to demand the entire balance of the unpaid rent owed under the lease for the entire remainder of the term to be paid in one lump sum.
For example, assume a borrower with a five year mortgage loan fails to make a payment in the third year. The terms of the loan include an acceleration clause which states the borrower must repay the remaining balance if one payment is missed.
