Notice Requirements, Cure Periods and Acceleration.In such a scenario, following notice provisions in the loan agreement and the mortgage/deed of trust only may not be sufficient. Additionally, the notice provisions in all loan documents should be carefully reviewed, particularly when, for example, a guarantor has signed a guaranty and an environmental indemnity agreement only. During times such as these, it remains imperative that both parties strictly adhere to the notice requirements expressly set forth in the loan documents. The loan documents should clearly set forth the parties to whom a notice of default must be sent and how, precisely, such notice must be delivered. While not a complete list, set forth below are 5 considerations for all parties with respect to default notices: Under such circumstances, one of the first steps lenders and servicers will take will be to send out default notices to borrowers and guarantors. The economic effects of COVID-19 are likely to cause many commercial mortgage loans to go into default. Sign up for our Coronavirus roundup email.
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