By Brad MacLiver
Authorship and profile at Google
A provision of many NE pharmacy business loans and commercial leases is an acceleration clause. The acceleration clause in the loan/lease agreements allows the lender to accelerate their collection of payments contingent on an event occurring. These events may include lack of payment by the borrower, failure to keep the property adequately insured, failing to pay tax assessments, not maintaining the property, selling the property/asset, etc.
Lenders look at the acceleration clause as an important tool in their business loan and commercial lease programs. Lease and loan documents might not address the foreclosure of a property or repossession of an asset specifically. This is where the acceleration clause comes into effect. Without the acceleration clause, the lender would only be permitted to foreclose on one missed payment at a time. By having the acceleration clause, lenders can demand immediate and full payment of all remaining balances and fees despite whatever event kicks it into gear.
The pharmacy business loan or lease documents provided to theNebraska
Tips:
1. If aNebraska
2. If a pharmacy can catch up on their payments they can reinstate the business loan before the acceleration starts.
3. States have different rules requiring notification of an acceleration clause being exercised. Pharmacy owners in NE should understand the laws in the state where they operate. Lack of knowledge is not an excuse.
4. When an acceleration clause is exercised on a commercial lease, there is the possibility the landlord cannot collect rent from both the defaulting tenant and a new tenant at the same time. To save themselves some money,Nebraska Nebraska
5. Lenders prefer not to have to go through the foreclosure process, so if your pharmacy is headed in that direction start talking with the lender about finding a solution. Communication with the lender is a good thing.
6. Some NE pharmacy business loans and commercial leases require a “personal” guarantee from the business owner. This means that the business owner’s personal assets and credit will become involved in the event of a default. The “corporate” status of the business will not keep the lender from seizing the personal assets.
When considering financing aNebraska
************************
Authorship and profile at Google
A provision of many NE pharmacy business loans and commercial leases is an acceleration clause. The acceleration clause in the loan/lease agreements allows the lender to accelerate their collection of payments contingent on an event occurring. These events may include lack of payment by the borrower, failure to keep the property adequately insured, failing to pay tax assessments, not maintaining the property, selling the property/asset, etc.
Lenders look at the acceleration clause as an important tool in their business loan and commercial lease programs. Lease and loan documents might not address the foreclosure of a property or repossession of an asset specifically. This is where the acceleration clause comes into effect. Without the acceleration clause, the lender would only be permitted to foreclose on one missed payment at a time. By having the acceleration clause, lenders can demand immediate and full payment of all remaining balances and fees despite whatever event kicks it into gear.
The pharmacy business loan or lease documents provided to the
Tips:
1. If a
2. If a pharmacy can catch up on their payments they can reinstate the business loan before the acceleration starts.
3. States have different rules requiring notification of an acceleration clause being exercised. Pharmacy owners in NE should understand the laws in the state where they operate. Lack of knowledge is not an excuse.
4. When an acceleration clause is exercised on a commercial lease, there is the possibility the landlord cannot collect rent from both the defaulting tenant and a new tenant at the same time. To save themselves some money,
5. Lenders prefer not to have to go through the foreclosure process, so if your pharmacy is headed in that direction start talking with the lender about finding a solution. Communication with the lender is a good thing.
6. Some NE pharmacy business loans and commercial leases require a “personal” guarantee from the business owner. This means that the business owner’s personal assets and credit will become involved in the event of a default. The “corporate” status of the business will not keep the lender from seizing the personal assets.
When considering financing a
************************
