This is a document that is designed to be used in conjunction with a separate loan agreement and informs the debtor of when they will be considered in default and the appropriate remedies the lender may undertake. Among other events, the debtor can be considered in default when they fail to make timely payments or if they declare bankruptcy. In the event of default, the lender may declare the full amount of the loan due or may take possession of the collateral. This document can be used by individuals or entities that have entered into a loan agreement and want to clarify the instances when the debtor will be considered in default.
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