A failure by the tenant to perform its obligations under the lease — most commonly non-payment of rent — that triggers the landlord's right to pursue remedies including eviction, damages, and recovery of future rent.
Lease default provisions define what constitutes a default (monetary defaults, covenant defaults, bankruptcy, abandonment), the notice required from the landlord, and the cure period the tenant has to remedy the default before the landlord may exercise remedies. Monetary defaults (unpaid rent) typically carry a 3- to 5-day cure period; non-monetary defaults usually allow 30 days (with extensions for good faith efforts). Landlord remedies upon uncured default typically include lease termination, possession recovery, acceleration of future rent, and re-letting damages. The personal guarantee or letter of credit secures the landlord against losses from tenant defaults.
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