Notice of Default

Letter sent to a defaulting party as a reminder of the Default. It may state a Grace Period and the Penalties for failing to cure the default.

A letter sent to a defaulting party as a reminder of the Default. May state a Grace Period and the Penalties for failing to cure the default.
Example: Vacation Lot Sales Corp. Sent a notice of default to Abel. It offered a 7-day grace period, after which they would consider his Interest as forfeited unless he paid the delinquent Installment.