Broward Florida Clauses Relating to Defaults, Default Remedies
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FAQ
If you've used the standard real estate contract form used by most realtors and approved by the State Bar of Florida, default is defined in the contract itself. When a seller breaches the contract, the buyer can have his or her deposit returned and then either sue for damages or seek to force the sale of the property.
The Default and Remedies clause defines what constitutes a default breach of the lease by both Tenant and Landlord, and lays out the remedies both parties can take to resolve the other's breach. The clause defines the: 1. Rights of Landlord.
In a nutshell, the buyer or the seller may seek breach-of-contract money damages when the other party fails to complete the sale. If a seller defaults, he must return all deposits, plus added reasonable expenses, to the buyer.
Ultimately, Florida law does not offer sellers the statutory right to cancel an agreement for remorse or other frivolous reasons. Only a limited number of specific exceptions allows a seller to cancel a contract, so make sure to consult with an expert attorney.
Default Right has the meaning assigned to that term in, and shall be interpreted in accordance with, the QFC Stay Rules, including without limitation any right of a party to liquidate, terminate, cancel, rescind, or accelerate an agreement or transactions thereunder; set off or net amounts owed; exercise remedies in
When a seller breaches a contract, the buyer can seek remedies like money damages and specific performance, meaning a forced sale of the property or rescission of the contract. If parties cannot agree who should get the contract deposit, they must litigate the issue in court or take it to arbitration or mediation.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.
Events of default are common in loan agreements or debt instruments. An event of default entitles the lender to cancel the facility and/or declare all amounts owing by the borrower to be immediately due and payable.
An event of default is a pre-specified condition or threshold that, if met, allows the lender or creditor to demand immediate and full repayment of a debt or obligation. An event of default may include delinquent or non-payment of principal or interest due, a breach of a bond covenant, or insolvency, among others.