Broward Florida Clauses Relating to Defaults, Default Remedies

Name: Broward Florida Clauses Relating to Defaults, Default Remedies
Brand: US Legal Forms
Rating: 4.85 (437 reviews)

Category:

Partnerships - Drafting Joint Venture Agreements

State:

Multi-State

County:

Broward

Control #:

US-P0614-4AM

Format:

Instant download

Description

This form is a model adaptable for use in partnership matters. Adapt the form to your specific needs and fill in the information. Don't reinvent the wheel, save time and money.

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Suit for specific performance: A seller who breaches contract may be sued and taken to court by the buyer in hopes of obtaining a court order requiring the seller, as a breaching party, to go forward with the agreement and complete the sale.

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.

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.

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.

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.

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

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.

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.

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.

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Broward Florida Clauses Relating to Defaults, Default Remedies

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What happens if seller backs out of contract?

What is an event of default clause?

What does event of default mean in a contract?

What is a default clause in real estate?

What is default in an agreement?

When a seller breaches a contract?

What is a default right?

Can a seller get out of a contract in Florida?

Can seller breach the contract real estate?

What is default and what are the remedies for it?

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What is a default?

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