Foreclosure, Etc Sample Clauses
The 'Foreclosure, Etc' clause outlines the rights and procedures related to the lender's ability to take possession of collateral if the borrower defaults on their obligations. Typically, this clause details the steps the lender may take, such as initiating foreclosure proceedings, selling the secured property, or pursuing other remedies allowed by law. Its core practical function is to protect the lender's interests by providing a clear process for recovering losses in the event of non-payment or breach, thereby allocating risk and ensuring enforceability of the loan agreement.
Foreclosure, Etc. Mortgagee, with or without entry, personally or by its agents or attorneys, insofar as applicable, may:
(1) sell (and in the case of any default by any purchaser, resell) the Mortgaged Property, or any part thereof, to the extent permitted and pursuant to the procedures provided by law, and all estate, right, title and interest, claim and demand therein, and right of redemption thereof, at one or more sales as an entirety or in parcels, and at such time and place upon such terms and after such notice thereof as may be determined by Mortgagee or as required or permitted by law; or
(2) institute proceedings for the complete or partial foreclosure of this Mortgage; or
(3) take such steps to protect and enforce its rights whether by action, suit or proceeding in equity or at law for the specific performance of any covenant, condition or agreement in the Note, this Mortgage or the other Loan Documents, or in aid of the execution of any power herein granted, or for any foreclosure hereunder, or for the enforcement of any other appropriate legal or equitable remedy or otherwise as Mortgagee shall elect.
Foreclosure, Etc. In the event of foreclosure of the lien of this Mortgage or other transfer of title or assignment of the Mortgage Estate in extinguishment, in whole or in part, of the Obligations, all right, title and interest of the Mortgagor in and to all policies of casualty insurance covering all or any part of the Mortgage Estate shall, subject to the rights of the lessor under the Lease, inure to the benefit of and pass to the successors in interest to the Mortgagor or the purchaser or grantee of the Mortgage Estate or any part thereof.
Foreclosure, Etc. No Secured Party shall have any right individually to realize upon any of the Collateral or to enforce any guarantee of the Obligations except to the extent expressly contemplated by this Agreement or the other Loan Documents, it being understood and agreed that all powers, rights and remedies under the Loan Documents may be exercised solely by the Agent on behalf of the Secured Parties in accordance with the terms thereof. Each Secured Party, whether or not a party hereto, will be deemed, by its acceptance of the benefits of the Collateral and of the guarantees of the Obligations provided under the Loan Documents, to have agreed to the foregoing provisions.
Foreclosure, Etc. In the event of foreclosure of the lien of this Mortgage or other transfer of title or assignment of the Mortgage Estate in extinguishment, in whole or in part, of the Obligations, all right, title and interest of the Mortgagor in and to all policies of casualty insurance covering all or any part of the Mortgage Estate shall inure to the benefit of and pass to the successors in interest to the Mortgagor or the purchaser or grantee of the Mortgage Estate or any part thereof.
Foreclosure, Etc. Enforce its rights and remedies under the Mortgage, the Guaranties and applicable law, including, without limitation, foreclosure of the Mortgage, application for the appointment of a receiver and enforcement of the assignment of leases and rents.
Foreclosure, Etc. Mortgagee, and the Agency, as applicable, with or without entry, personally or by its agents or attorneys, insofar as applicable, may:
Foreclosure, Etc. The filing or commencement of any foreclosure proceeding, forfeiture proceeding, notice of trustee's sale or other action by any Person to realize upon any such Collateral.
Foreclosure, Etc. The Company will not, nor will it permit any ---------------- of its Subsidiaries to, acquire ownership or control of any commercial real property with a fair market value of $1,000,000 or more and which is used for commercial purposes by means of the exercise of any right of foreclosure, power of sale or similar remedy it may avail itself of by way of any indenture of mortgage or similar instrument relating to such commercial real property (the "Subject Property"), or accept a deed to the Subject Property in lieu of ----------------- foreclosure or in settlement of any title insurance claim against it, unless the Company shall have theretofore caused a Phase I Environmental Review (as defined below) with respect to the Subject Property to be conducted. As used herein, the term "Phase I Environmental Review" ---------------------------- Credit Agreement ----------------
Foreclosure, Etc. Acquire ownership of or operating control of any real property on which an Industrial Facility (as defined below) is located by means of the exercise of any rights of foreclosure, power of sale or other remedy it may avail itself of by way of any indenture of mortgage or similar instrument relating to such Industrial Facility and the underlying real property (the "SUBJECT PROPERTY"), or accept a deed to the Subject Property in lieu of foreclosure, unless the Borrower shall have theretofore caused a Phase I Environmental Review (as defined below) with respect to the Subject Property to be conducted. As used herein, the term "INDUSTRIAL FACILITY" shall mean