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Thread: PSL/Club Seat Default Letter

  1. #1

    PSL/Club Seat Default Letter

    Cutting and pasting this from another message board. Just wondering if anyone else got this.

    Jets Stadium Development LLC (“JSD”) has made repeated attempts to collect payment of amounts due under your Personal Seat License Agreement (the “Agreement”), including an invoice by mail and reminders by telephone and/or e-mail. As you have not made payment in response to those efforts, this letter serves as JSD’s notice of default, pursuant to Section 9 of the Agreement. Section 9 provides that if you do not cure this default by making payment within ten (10) days of the date of this letter, your rights under the Agreement will terminate, in which case:

    JSD will retain all monies you have paid to date related to your PSL (including any deposit);
    Your obligation to pay the outstanding balance of the PSL and any liability under the Club Seat License Agreement (if your PSL relates to Club Seats) shall be accelerated, making the full outstanding balance immediately due and payable, which JSD intends to fully enforce and collect;
    YOU WILL HAVE NO FURTHER RIGHTS UNDER THE AGREEMENT (i.e., you will not have the right to purchase tickets to Jets games at MetLife Stadium); and
    JSD will have no further obligation to you for the above referenced account(s).

    If your Agreement relates to Club Seats, your Club Seat License Agreement also will terminate automatically, and you will remain liable to JSD for the Club Seat License Fees, pursuant to Section 9 of the Club Seat License Agreement.

    You may cure this default by making a payment at newyorkjets.com/myjetsaccount, over the phone or by sending a check to the address below, in all events within ten (10) days of the date of this letter. If you have recently made a payment towards your PSL account, please contact a New York Jets Client Relations Representative at (800) 469-JETS (5387) to ensure receipt of payment and that your account is in good standing.

    JSD expressly reserves any other rights and remedies that it may have in the enforcement of the Agreement and, if applicable, your Club Seat License Agreement.

    Sincerely,

  2. #2
    Quote Originally Posted by Jets337 View Post
    Cutting and pasting this from another message board. Just wondering if anyone else got this.

    Jets Stadium Development LLC (“JSD”) has made repeated attempts to collect payment of amounts due under your Personal Seat License Agreement (the “Agreement”), including an invoice by mail and reminders by telephone and/or e-mail. As you have not made payment in response to those efforts, this letter serves as JSD’s notice of default, pursuant to Section 9 of the Agreement. Section 9 provides that if you do not cure this default by making payment within ten (10) days of the date of this letter, your rights under the Agreement will terminate, in which case:

    JSD will retain all monies you have paid to date related to your PSL (including any deposit);
    Your obligation to pay the outstanding balance of the PSL and any liability under the Club Seat License Agreement (if your PSL relates to Club Seats) shall be accelerated, making the full outstanding balance immediately due and payable, which JSD intends to fully enforce and collect;
    YOU WILL HAVE NO FURTHER RIGHTS UNDER THE AGREEMENT (i.e., you will not have the right to purchase tickets to Jets games at MetLife Stadium); and
    JSD will have no further obligation to you for the above referenced account(s).

    If your Agreement relates to Club Seats, your Club Seat License Agreement also will terminate automatically, and you will remain liable to JSD for the Club Seat License Fees, pursuant to Section 9 of the Club Seat License Agreement.

    You may cure this default by making a payment at newyorkjets.com/myjetsaccount, over the phone or by sending a check to the address below, in all events within ten (10) days of the date of this letter. If you have recently made a payment towards your PSL account, please contact a New York Jets Client Relations Representative at (800) 469-JETS (5387) to ensure receipt of payment and that your account is in good standing.

    JSD expressly reserves any other rights and remedies that it may have in the enforcement of the Agreement and, if applicable, your Club Seat License Agreement.

    Sincerely,
    Nice!!!! They are playing Chicken hoping you make another PSL payment or two.

    If you hear some screaming and some guy getting hit with a frying pan tonight that just means his wife opened the mail first and is now finding out they maybe getting sued for thousands over stupid PSLs

  3. #3
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    investment gold

  4. #4
    BTW, that acceleration clause means that when they come after you, they will be looking for a judgment of the full amount of the PSL, plus 9% interest from the date of your default through judgment, not just an order directing you to make periodic payments as scheduled.

  5. #5
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    PSLs might be the worst thing ever. Like some kind of cancer named after Hitler.

  6. #6
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    Quote Originally Posted by doggin94it View Post
    BTW, that acceleration clause means that when they come after you, they will be looking for a judgment of the full amount of the PSL, plus 9% interest from the date of your default through judgment, not just an order directing you to make periodic payments as scheduled.
    So, all you wanted was season tickets, and in the end you lose your house. Awesome.

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    Investment Gold!!!!

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    Quote Originally Posted by Bonhomme Richard View Post
    PSLs might be the worst thing ever. Like some kind of cancer named after Hitler.
    the new ugly highway stadium we're stuck with for decades is the worst thing ever.

    then PSL's.

    the the February Super Bowl in New Jersey.

    Woody has the midas touch

  9. #9
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    Quote Originally Posted by freestater View Post
    Investment Gold!!!!
    they did get first crack at $120 cold play tickets

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    Let me preface this by saying that I think PSLs are a terrible practice and I feel sorry for anyone that has fallen on hard times and can no longer afford them. I hope this wasn't the case for you. And I think the Jets should work with people that have fallen on hard times.

    But I have a problem with the rest of the people that are just walking away. Nobody put a gun to anyones head forcing them to buy them and if you didn't think the team was going to have a few lean years then you are a fool. And those people deserve what they get.

  11. #11
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    Quote Originally Posted by Bonhomme Richard View Post
    So, all you wanted was season tickets, and in the end you lose your house. Awesome.
    Not going to lose your house, just will have to forfit the right to the seats and the Jets get to resell them as if they were never owned. Pay the PSL, keep the seats... IOMA - "Its only money Alice":...

  12. #12
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    Quote Originally Posted by Timmy® View Post
    they did get first crack at $120 cold play tickets
    First crack at every event in the stadium... Bruce, Bon Jovi and U2 so far for me and just got Notre Dame offer.

  13. #13
    I'm not sure what people were thinking....Ummm, if the Jets win, I'm scoring playoff tickets....oh, wait, they had a bad season, time to default....It was pretty clear when you signed the contract it was a commitment...

    .imagine if the Jets had said to PSL holders, we had a great season, we want to re sell your seats to someone else now..sorry....

    not sure why people are so upset...

  14. #14
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    Quote Originally Posted by Bonhomme Richard View Post
    PSLs might be the worst thing ever. Like some kind of cancer named after Hitler.
    And you are the Mod who gave Borgo the ban???? Cancer and Hitler in a PSL thread??? Come on.... The sponsors got to love that!

  15. #15
    Quote Originally Posted by FlagmanL11 View Post
    Not going to lose your house, just will have to forfit the right to the seats and the Jets get to resell them as if they were never owned. Pay the PSL, keep the seats... IOMA - "Its only money Alice":...
    Im no Doggin, but what do you think this part means?

    Your obligation to pay the outstanding balance of the PSL and any liability under the Club Seat License Agreement (if your PSL relates to Club Seats) shall be accelerated, making the full outstanding balance immediately due and payable, which JSD intends to fully enforce and collect
    I read it as pay up now, in full, do not pass go, etc. etc. or we will do everything necessary to collect the full balance outstanding. To some who got in over their heads, yeah, it could be bad.

  16. #16
    Quote Originally Posted by Bonhomme Richard View Post
    PSLs might be the worst thing ever. Like some kind of cancer named after Hitler.
    Shoulda sold naming rights.... "Hitler Cancer Stadium"

  17. #17
    Quote Originally Posted by DDNYjets View Post
    Let me preface this by saying that I think PSLs are a terrible practice and I feel sorry for anyone that has fallen on hard times and can no longer afford them. I hope this wasn't the case for you. And I think the Jets should work with people that have fallen on hard times.
    +1

    Quote Originally Posted by DDNYjets View Post
    But I have a problem with the rest of the people that are just walking away. Nobody put a gun to anyones head forcing them to buy them and if you didn't think the team was going to have a few lean years then you are a fool. And those people deserve what they get.
    +1

    Well said on both!

  18. #18
    my buddy got a letter like that last year. never responded to it. nothing has been done to his credit report. they just keep telling himto make the payments, and he keeps throwing the crap out.

  19. #19
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    Quote Originally Posted by bobr68 View Post
    I'm not sure what people were thinking....Ummm, if the Jets win, I'm scoring playoff tickets....oh, wait, they had a bad season, time to default....It was pretty clear when you signed the contract it was a commitment...

    .imagine if the Jets had said to PSL holders, we had a great season, we want to re sell your seats to someone else now..sorry....

    not sure why people are so upset...
    Not sure I get all the surprise. This letter isn't addressed to those who told the Jets they don't want tickets this season. It's addressed to deadbeats who never made last November's payment.

    You sign a legal contract, you stop paying, you.should probably expect a judgment as a foregone conclusion.

    There are people whose financial situation has changed and can't afford payments for an obvious luxury like tickets and license fee instalments, of course. But there are plenty of places to sell them off, recover a part of your cost and transfer your license to another party...the honest and ethical way.

    Those that stiffed their contract obligations last fall and still went to games deserve no sympathy as I see it

  20. #20
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    Quote Originally Posted by Brooklyn Jet View Post
    Im no Doggin, but what do you think this part means?



    I read it as pay up now, in full, do not pass go, etc. etc. or we will do everything necessary to collect the full balance outstanding. To some who got in over their heads, yeah, it could be bad.
    Its like a foreclosure, and the Bank, AKA the Jets will now own the PSL's and sell them for whatever they want. to a degree not a bad deal for the Jets if the seats get resold.

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