Foreclosing definition
Examples of Foreclosing in a sentence
Any such Foreclosing Party is expressly made a third party beneficiary of the foregoing provisions, and all other provisions of this Lease which are for the benefit of a Foreclosing Party, which rights shall survive a foreclosure of the deed of trust or mortgage.
After giving effect to any such assignment, unless the context otherwise requires, references to Tenant and ▇▇▇▇▇▇’s Parent hereunder shall be deemed to refer to the Discretionary Transferee (or Permitted Leasehold Mortgagee Foreclosing Party) or its Parent Company, as applicable.
Therefore, the Lenders covenant and agree that if there is a Default under either or both of the TSVLP Collateral Agreements (and/or the TSVLP Security Agreement) and the Globex Collateral Agreements (and/or the Globex Agreements), foreclosure proceedings shall be commenced upon the expiration of the thirty (30) day notice period, and the Foreclosing Lender shall proceed to foreclose under the applicable Collateral Documents.
If the Collateral is not purchased by a third party at the trustees sale, the Foreclosing Lender shall cause title to vest in the names of both Lenders, as tenants in common, with equal undivided interests therein.
Notwithstanding the aforesaid, and in order to safeguard the Community Housing program, the Owner, and the BCHA from predatory lending practices, no obligation of mortgage principal which exceeded 103% of the Maximum Sales Price of the property at the date said principal obligation was incurred shall be recoverable by any foreclosing party.1 The BCHA may, but shall not be obligated to, purchase the debt obligation for less than the amount calculated if BCHA and the Foreclosing Party so agree.
Costs of foreclosure, including trustee services, sheriff’s fees, and similar costs, and all amounts due the Foreclosing Party shall have first priority to the sale proceeds.
Provided that the Foreclosing Party has strictly adhered to the requirements of Sections 8.4 and 8.5 and all rights of redemption or challenges to the validity or enforceability of the foreclosure sale have expired, this Covenant, and the rights of the BCHA hereunder, shall terminate.
Foreclosing or exercising a power of sale, beginning and continuing a judicial action or pursuing self-help remedies will not constitute a waiver of the right to compel arbitration.
The Foreclosing Lender or Participating Lender may also exercise any further rights or remedies under the applicable Collateral Documents or Loan Agreements; provided, that any interest in or amounts recorded with respect to the Collateral shall be vested in the names of both Lenders in accordance herewith.
Foreclosing or exercising a power of sale, beginning and continuing a judicial action or pursuing self-help remedies will not constitute a wavier of the right to complete arbitration.