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In landlord–tenant law, a notice to cure or quit is issued by a landlord when a tenant performs actions in violation of a lease. The notice gives a tenant the option of either fixing the offending problem or vacating the rental property. If the tenant continues performing the action(s) and does not move out, they can be evicted. [1]
A notice of default is a public notice filed with a court or local recording office to begin the process of foreclosure. A mortgage lender or servicer can file this notice after four months (120 ...
To cure a default on their mortgage, a debtor must pay all sums that would have been due in the absence of default at the time of payment or tender, perform any other obligation which the debtor "would have been bound to perform in the absence of the default," pay court costs and attorney's fees, and pay all contractual late charges associated ...
It can declare the entire payable debt to the lender if the borrower(s) were to transfer the title at a future date to a purchaser. The clause in the mortgage also instructs that a notice of acceleration must be served to the obligated mortgagor(s) who signed the Note. Each mortgage gives a time period for the debtor(s) to cure their loan.
The lawsuit also asks the court to reduce the "redemption period" — typically a time following a foreclosure during which the debtor/owner can pay to cure the default on the loan — to one month.
"The default notice provides for a cure period of 30 days for the State of Oklahoma to carry out all necessary physical plant and equipment repairs at an estimated cost of $3 million," he said.
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