Eagle Hospitality Trust (EHT) has served “pay or quit” and “perform of quit” notices to its master lessors that are located in states where such clauses are in effect.
The “pay or quit” notice is a statutory eviction document that can be legally invoked in most US states in the event of a failure to pay rent.
Pursuant to the statutory notices, the master lessors have been demanded to pay all outstanding rent and defaulted rent obligations.
These payments are to be settled within 3 - 15 days of the notice, depending on prevailing laws in the respective states.
If the master lessors fail to settle these payments, they are required to quit, peacefully vacate, and surrender the properties occupied, said EHT.
EHT remains suspended from trading on the Singapore Exchange.