The debtor may be in default on the note because the debtor has missed one or more installment payments. In that case, the Bank will typically demand the past-due payments and give notice of intent to accelerate the note and notice of acceleration to debtor and other obligors on the note, in preparation for posting for nonjudicial foreclosure.
After demand, however, the Bank may instead decide to negotiate a renewal and extension of the note or other settlement with debtor. If the Bank accelerates the debt and subsequently decides to renew or extend, de-acceleration should be documented in the agreement to renew or extend.