Filed an L1 to evict for non-payment of rent and also filed an L3 because the tenant finally agreed to vacate but then changed their mind after the province of Ontario declared an eviction moratorium in March because of the pandemic. 

Our NJ governor has just declared via Royal Fiat that any tenant - any - whether adversely affected or not- can use their security deposit to pay rent, either whole or part.We can still sue in civil court for damages though!

But if you did something wrong the judge may "pierce the corporate veil" and declare you personally liable.  

@Jeffrey A DeAngelisYes you can do it but it is prohibited and a penalty would be assessed Most likely declaring the IRA distributed as well.

Your either forcing Seller to close with the tenant still inside OR a court (which is what a time of the essence letter is ultimately for) is just going to say "You lose because of state declared emergency."

The process of foreclosure is more legal since a lender needs to get a judgment once you're in default.TO start the process, as far as declaring you're in default, READ AND UNDERSTAND YOUR CONTRACT. 

@Hunter FitchEverybody seems to add about 50 lbs of muscle, and a bit more venom to their bite when they are behind a keyboard rather than face to face. 

The most obvious but not necessarily the worst case scenario is: what if he places horrible tenants then declares bankruptcy on his "business"?

@Kevin Paulk If the contract is declared void, the memorandum of contract becomes irrelevant. 

If you’re declaring their payments as income show them your taxes.