North Carolina General Statutes Chapter 47G. Option to Purchase Contracts Executed with Lease Agreements § 47G-5. Notice of default and intent to forfeit
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(a) A notice of default and intent to forfeit shall specify the nature of the default, the amount of the default if the default is in the payment terms, the date after which the contract will be forfeited if the purchaser does not cure the default, and the name and address of the seller or the attorney for the seller. The period specified in the notice after which the contract will be forfeited may not be less than 30 days after the notice of default and intent to forfeit is served, or before judgment is given in any action brought to recover the possession of the leased premises pursuant to Article 3 of Chapter 42 of the General Statutes, whichever is earlier. A judgment rendered in an action to recover possession of the premises shall not prejudice either party in a subsequent action to recover monetary damages or other remedies.
(b) Any notice of default and intent to forfeit must be delivered to the option purchaser by hand delivery or by any manner authorized by G.S. 1A-1, Rule 4.
Cite this article: FindLaw.com - North Carolina General Statutes Chapter 47G. Option to Purchase Contracts Executed with Lease Agreements § 47G-5. Notice of default and intent to forfeit - last updated January 01, 2020 | https://codes.findlaw.com/nc/chapter-47g-option-to-purchase-contracts-executed-with-lease-agreements/nc-gen-st-sect-47g-5.html
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