Generally, in the event of a default, a party will issue a notice of default
, which may be subsequently be followed by a notice of termination.
After considering the legal issues regarding the franchisee's default and the business concerns, the franchisor must then determine whether it chooses to move forward with declaring the franchisee in default under the franchise agreement and issue the notice of default
. As evidenced by the foregoing, this decision should be made on a case-by-case basis only after careful review of the relevant agreements, review of the franchise files, review of relevant state franchise and other laws and other issues that may arise, consideration of potential defenses and counterclaims, discussions with business and field people, and consideration of business goals.
The New York-based bank filed for a preliminary injunction in New York State Supreme Court alleging that the landlord, Apthorp Associates, issued a notice of default
on December 4, 2008, which threatened to terminate JPMorgan's lease if the default wasn't cured by January 10, the court documents, released yesterday, show.
CV Foreclosure Alert, part of the company's Coverage VerifierSM, automatically alerts insurers when any of the five types of foreclosure notices is issued: notice of default
; legal action pending; notice of auction; notice of property sold at auction; and real estate owned by the lender.
The company has also announced receiving a notice of default
from BNP Paribas (BNP) with respect to its senior secured credit facility, as well as a notice of default
from Laminar Direct Capital, LLC with respect to a second lien term loan.
RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default
(NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
A day after a notice of default
on his Neverland Ranch was made public, his spokeswoman said he was never in default on the loan.
Moody's said: "While there is no immediate effect on the cash position or liabilities of the company, the notice of default
raises the risk that -- if the case is not dismissed or if the default is not cured quickly after the court's final ruling -- that the notes could be put back to the company or that cross default provision in the company's bank credit facilities could be triggered."
After receiving a notice of default
that would lead to foreclosure, she went to the place she had always gone for help: her church.
The consents to the debt note amendments and waiver of default include a debt note partially held by a hedge fund that sent out a "notice of default
" last month because Saks said it would delay filing its annual report.
The notice of default
did not mean Menatep was calling for immediate repayment.