4.2.4 Timely Tender of Performance.

• Jurisdiction: Arizona

At least when acceleration is optional with the creditor, or when reinstatement is available by operation of law (such as trust deeds in Arizona), timely tender of performance is a bar to acceleration and foreclosure. Murphy v. Fox, 278 P.2d 820, 31 A.L.R. 731, 733 (Okla. 1955); Browne v. Nowlin, 117 Ariz. 73, 570 P.2d 1246 (1977).

In El Dorado Hotel Props., Ltd. v. Mortensen, 136 Ariz. 292, 665 P.2d 1014 (App. 1983), the loan documents provided for the release of a portion of the trust property “upon payment” of an installment. The release clause did not provide for release of a specific portion of the property, but rather provided a set of criteria for an acceptable release. The seller-lender contended it was entitled to receive an unconditional payment while it reviewed a release request. The...