What does cured mean in legal terms?

In the context of contract law, the term “cure” means to correct or remove a defect that would be considered a breach by the curing party. For example, a landlord may give the tenant a set amount of time to correct, or cure, a lease violation or face an eviction lawsuit.

What is a cure period in law?

A time frame of 30 to 90 days during which a company that has gone into technical DEFAULT on a contractual payment is permitted to submit payment without further prejudice, and without being considered to have defaulted. Also known as GRACE PERIOD.

What are cure claims?

Cure Claim means a monetary Claim based upon the Debtors’ defaults under any Executory Contract or Unexpired Lease at the time such contract or lease is assumed by the Debtors pursuant to section 365 of the Bankruptcy Code.

What does cured amount mean?

Cure Amount means the payment of Cash or the distribution of other property (as the Debtors or the Post-Effective Date Debtors, as applicable, and the counterparty to an executory contract or unexpired lease of the Debtors may agree or the Bankruptcy Court may order) necessary to (a) cure a monetary default by the …

What does right to cure mean?

The “Right to Cure” Defined. The legal right to cure is essentially a principle found in contract law that allows one party in a contract, who has defaulted under a contract provision, to remedy their default by taking steps to ensure compliance or otherwise, cure the default.

What does it mean to cure an account?

Related Definitions Cure Account means the deposit account in the name of the Borrower with the Account Bank designated by the Borrower and the Agent as the “Cure Account” and includes any replacement of that Account.

What is a cure date?

A cure date may be offered to first-time offenders for Class 2 and Class 3 offenses. The cure date will be listed on the violation copy next to the hearing date. If offered, submitting a Certificate of Correction before the cure date is the best way to save time and avoid financial penalties.

What is a cure payment?

Cure Payment means the payment of Cash or the distribution of other property (as the parties may agree or the Bankruptcy Court may order) that is necessary to cure any and all defaults under an executory contract or unexpired lease so that such contract or lease may be assumed, or assumed and assigned, pursuant to …

What does curing a debt mean?

The cure generally means the borrower can avoid the consequences of default so that the loan is reinstated and the borrower can keep the property securing the loan.

What does cure payment mean?

What is opportunity to cure?

What does an “opportunity to cure” provision do? An “opportunity to cure” contract provision requires the dissatisfied client to give you the chance to fix any problems before terminating the contract or suing you.

What does lender cure mean?