
Failure to Cure DefaultForfeiture and Acceleration of Rent Due Form


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People also ask
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What is an example of additional rent?
Residential tenants may be obligated to pay additional rent to for pets, parking, common area usage and maintenance, appliances, utilities, or additional accommodations.
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What does it mean when a deposit is forfeited?
If it is a capital asset, forfeiture of a deposit would be treated as capital gain to the seller and capital loss to the prospective buyer. If it is a noncapital asset, forfeiture of a deposit would be treated as ordinary income to the seller and an ordinary expense to the prospective buyer.
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What is the default clause in a lease agreement?
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.
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What is an acceleration clause in a lease?
Definition. Rent acceleration is a clause typically included in lease agreements that allows landlords to demand immediate payment of the remaining rent owed on the lease in the event of a tenant's bsignNow. This clause can also allow the landlord to terminate the rental contract and evict the tenant.
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What does forfeited rental mean?
Forfeiture is a means for a landlord to terminate a lease, in the event of some default by the tenant. The right must be conferred expressly: there must be a 'forfeiture clause' or a 'proviso for re-entry'.
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What do you mean by forfeiture?
Forfeiture refers to a loss of any property, money, or assets without consideration or compensation in return. A forfeiture generally occurs due to default in complying with repayment obligations under a contract. It can also be used as a penalty for an illegal way of conducting business.
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What is the difference between forfeiture and surrender of lease?
The difference then between forfeiture and surrender of lease is that a forfeit will usually be initiated due to a fault by the tenant and not by their choice. The landlord will typically commence a forfeiture of lease after the bsignNow of contract has happened.
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What does it mean when a payment is forfeited?
1. : the loss of a right, money, or especially property because of one's criminal act, default, or failure or neglect to perform a duty compare waiver. 2. : something (as money or property) that is forfeited as a penalty.
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