(1) If the lessee receives notification of a material or indefinite delay or an allocation justified under s. 680.405, the lessee may by written notification to the lessor as to any goods involved, and with respect to all of the goods if under an installment lease contract the value of the whole lease contract is substantially impaired (s. 680.51):
(a) Terminate the lease contract (s. 680.505(2)); or
(b) Except in a finance lease, modify the lease contract by accepting the available quota in substitution, with due allowance from the rent payable for the balance of the lease term for the deficiency but without further right against the lessor.
(2) If, after receipt of a notification from the lessor under s. 680.405, the lessee fails so to modify the lease agreement within a reasonable time not exceeding 30 days, the lease contract lapses with respect to any deliveries affected.
History.—s. 1, ch. 90-278.
Structure Florida Statutes
Title XXXIX - Commercial Relations
Chapter 680 - Uniform Commercial Code: Leases
Part IV - Performance of Lease Contract: Repudiated, Substituted, and Excused (Ss. 680.401-680.407)
680.401 - Insecurity: adequate assurance of performance.
680.402 - Anticipatory repudiation.
680.403 - Retraction of anticipatory repudiation.
680.404 - Substituted performance.
680.405 - Excused performance.