notice of default

n. a notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency (money owed and late), plus costs of preparing the legal papers for the default, is not paid within a certain time, foreclosure proceedings may be commenced. Other people with funds secured by the same property are usually entitled to receive copies of the notice of default. (See: notice)

notice of default

A written notice sometimes required by state law or sometimes required within particular leases,promissory notes,or other contracts,advising the defaulting party of the existence of the default and a time period within which to cure it.Most documents require no notice of monetary default, although the better practice is to require it just in case checks are lost or misplaced. Notices of nonmonetary default would include matters such as failure to maintain insurance, subleasing space without the landlord's approval, or any number of other things prohibited under the parties'agreements.

单词	notice of default
释义	notice of default notice of default n. a notice to a borrower with property as security under a mortgage or deed of trust that he/she is delinquent in payments. If the delinquency (money owed and late), plus costs of preparing the legal papers for the default, is not paid within a certain time, foreclosure proceedings may be commenced. Other people with funds secured by the same property are usually entitled to receive copies of the notice of default. (See: notice) notice of default notice of default A written notice sometimes required by state law or sometimes required within particular leases,promissory notes,or other contracts,advising the defaulting party of the existence of the default and a time period within which to cure it.Most documents require no notice of monetary default, although the better practice is to require it just in case checks are lost or misplaced. Notices of nonmonetary default would include matters such as failure to maintain insurance, subleasing space without the landlord's approval, or any number of other things prohibited under the parties'agreements. See NOD See NOD
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