West Virginia Default Remedy Clause

State:
Multi-State
Control #:
US-OL14031
Format:
Word; 
PDF
Instant download

Description

This office lease form is a standard default remedy clause, providing for the collection of the difference between the rent due and owing under the lease and the rents collected in the event of mitigation.

How to fill out Default Remedy Clause?

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§61-3-2. Burning, etc., of other buildings or structures; second degree arson; penalty. Next§61-3-3. Burning personal property of another of the value of five hundred dollars or more; third degree arson; penalty.

§61-3-30. Removal, injury to or destruction of property, monuments designating land boundaries and of certain no trespassing signs; penalties. Next§61-3-31. Damage to or destruction of property by bailee for hire or loan; penalty; damages recoverable in civil action.

Crimes and Their Punishment § 61-3-39. Obtaining property in return for worthless check; penalty.

Under West Virginia law, the lender has to personally deliver or mail a notice of default, which may be sent after you (the borrower) have been in default for five days, to your last known address. This notice gives you ten days to cure the default. But you'll lose the right to cure after three defaults.

(a) Any person who knowingly and willfully damages or destroys any commercial or industrial real or personal property owned by a railroad company, or public utility company, or any real or personal property used for producing, generating, transmitting, distributing, treating storing or collecting electricity, natural ...

Crimes and Their Punishment § 61-3A-3. Penalties. A person convicted of shoplifting shall be punished as follows: (a) First offense conviction.

West Virginia Code §11-22-1, provides for exemptions to paying the Transfer Tax Fee. Deeds must specifically state the reason for exemption, otherwise, the Transfer Tax Fee will be charged. Every Deed recorded requires a completed Sales Listing Form to be attached. The Sales Listing Form can be found here.

Creditors have five (5) years to file their debt collection suit for the sum of money owed on an open account. If the debt is for the non-payment of an outstanding balance on a credit card, then the creditor has ten (10) years to file a collection lawsuit against the debtor.

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West Virginia Default Remedy Clause