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cure rights |
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cure rights In bankruptcy, the right to fix a default so that a creditor cannot pursue its remedies. For example, a debtor may file for bankruptcy moments before foreclosure, stop the foreclosure, and then propose a plan to cure the default and past due sums. Usually the plan involves small monthly payments over the course of several years. Of course, it is not enough to cure the default, the debtor must also stay current on future obligations, but bankruptcy will sometimes allow for a renegotiation of those obligations. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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This will provide step-in and cure rights to lenders in specified situations including where the contractor seeks to terminate the contract. Under the Senate bill, rescission is available for any violation of the bill's broad loan origination requirements without any extended cure rights. All of the ground leases have initial terms or extension options that extend at least 20 years beyond the terms of the related mortgage loans and provide the trustee with notice and cure rights in the event of a ground lease default. |
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