Creditor Notice Form

Creditor Notice Form

This Creditor Notice Form ("Notice") is made and delivered on this date: by and between Creditor Name: (Creditor), and Debtor/Notice Recipient Name: (Recipient). Creditor Address:

RECITALS

WHEREAS, Recipient is obligated to Creditor under an account or contract identified as Account Number: (the "Obligation"), originally dated: , in the original principal amount of $.

WHEREAS, Recipient has failed to perform or has otherwise defaulted under the terms of the Obligation, as of the date of default: , and the current principal and accrued amounts due and owing to Creditor are $, exclusive of interest, fees, and costs.

WHEREAS, Creditor seeks to provide formal notice of default, demand for payment, and to preserve and notify as to Creditor's rights and remedies under applicable law and any security agreement encumbering collateral.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants herein, the parties agree as follows:

1. DEFINITIONS

For purposes of this Notice, "Obligation" means the debt, account, or contractual duty identified above; "Default" means the failure to perform when due under the Obligation; "Collateral" means the property, rights, and interests described in Section 4 below.

2. NOTICE OF DEFAULT AND DEMAND

Creditor hereby provides formal written notice that Recipient is in Default under the Obligation. Creditor demands payment of the total sum due of $, together with accrued interest, late charges, collection costs and reasonable attorney's fees permitted under the Obligation or applicable law. Recipient shall cure the Default by payment in full within days from the effective date of this Notice unless otherwise agreed in writing by Creditor.

3. ACCELERATION; REMEDIES

If Recipient fails to cure within the cure period, Creditor may declare the entire unpaid balance of the Obligation immediately due and payable, and may exercise any and all rights and remedies available at law or in equity, including but not limited to collection, setoff, foreclosure of any security interest, seizure or sale of Collateral, and pursuing judgment. Creditor's exercise of one remedy shall not preclude exercise of another.

4. SECURITY INTEREST; COLLATERAL

To the extent a security interest exists, Creditor asserts and preserves any lien, security interest, or other encumbrance in the following collateral description. Recipient hereby is notified of Creditor's rights with respect to such Collateral:

5. INTEREST, FEES AND COSTS

Post-default interest shall accrue at the rate set forth in the Obligation, or, if no rate is specified, at the maximum rate permitted by law. Recipient shall also be responsible for all reasonable costs of collection, including court costs and attorney's fees, to the extent permitted by the Obligation or applicable statute.

6. PAYMENT INSTRUCTIONS

Payments must be made to Creditor at the following instructions or as otherwise agreed in writing: the following address or account shall be used for payment.

7. NOTICES

All notices, demands or communications required or permitted under this Notice shall be in writing and delivered by personal delivery, certified mail (return receipt requested), overnight courier, or email (if delivery by email is acknowledged in writing by the recipient). Notices shall be sent to the addresses set forth below or to such other address as a party may later designate in writing.

8. REPRESENTATIONS

Each party represents and warrants to the other that it has the full power and authority to enter into and perform this Notice, that the execution and delivery of this Notice and the performance hereunder do not violate any agreement by which it is bound, and that the individual signing on behalf of a party is authorized to do so.

9. GOVERNING LAW

This Notice shall be governed by and construed in accordance with the laws of the State of without regard to conflict of laws principles.

10. ENTIRE AGREEMENT; SEVERABILITY

This Notice constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings. If any provision of this Notice is held invalid or unenforceable, the remaining provisions shall remain in full force and effect.

11. AMENDMENT; WAIVER; COUNTERPARTS

Any amendment or waiver of any provision of this Notice must be in writing and signed by both parties. No waiver of any default shall be deemed a waiver of any subsequent default. This Notice may be executed in counterparts, each of which shall be deemed an original.

12. MISCELLANEOUS

Creditor's rights under this Notice are cumulative and in addition to any other rights or remedies available at law or in equity. The headings in this Notice are for convenience only and do not affect interpretation.

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