![]() ![]() If the defaulting party does not comply, it gives the offended party their first step toward recouping their losses through foreclosure, eviction, or other legal measures. ![]() The intent behind a notice of default is to ensure that the defaulting party is aware of their failure to perform and ultimately, to motivate them to take action and resolve the issue. In the context of a landlord/tenant relationship, the landlord can send their tenant a notice of default to deny the occupant’s right of access if the tenant failed to pay rent or other charges. In the context of a contractor or service professional who has agreed to perform services, the notice of default is used to notify them that they have failed to perform as agreed in their contract. This is a common measure used by lenders in states that allow for non-judicial foreclosure. When the notice is sent to the defaulting borrower, it is also simultaneously recorded at the county recorder’s office and/or with the courts to serve as a public notice that the borrower is in default. ![]() In the context of a lender and borrower relationship, the notice of default is the first step taken by the lender when a borrower has failed to make their payments as agreed. Nevertheless, you can get your legal issues into your own hands and deal with. A lot of cases require an attorney’s participation, which also makes this task not really affordable. ![]() A notice of default is a simple document used in a variety of situations to give notice to a person (often a borrower or contractor) that they have failed to perform in accordance with their contract. Creating forms, like Clark Sample Letter for Notice of Default in Franchise Agreement, to take care of your legal matters is a tough and time-consumming process. ![]()
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