This is a permissive clause, or "event of default" that allows the Lender to call the loan due under a "performance default" (as opposed to a "payment default") or not as the Lender chooses. 

What would my bookkeeping journal entry be if/when the buyer defaults on payments, and I get the property back?

My portfolio of performing mortgage notes yield 16.5% annually, enhanced by two notes I purchased at significant discount, and one that matured and the borrower is paying the default rate.

This is a permissive clause, or "event of default" that allows the Lender to call the loan due under a "performance default" (as opposed to a "payment default") or not as the Lender chooses.

If you raise their rents with proper legal notice, they will be in default if they don't pay.  

The California CAR form defaults to 5 calendar days after the due date.Thanks!

No surprise he didn’t respond to the civil suit and it will be a judgment by default.

At the end of the day, if there is default, they make you sign something to assign the rents / cash flow to them anyway, so they can still cover the deal, and then sell off what they don't want , etc.

Never forget that part of the deal from the seller's perspective is he /she is offering finance because few have access to sufficient capital, and he will get back an improved asset if you default.

Very few actually show up in court, which means default eviction judgement.