Friendly Foreclosure definition

Friendly Foreclosure means a process that may be employed after the Effective Date at the election of CRH and the Debtors (as an alternative to effecting the conveyance of the Transferred Property to CRH as otherwise contemplated in Section 4.2 of the Plan) by which CRH would instead exercise solely its in rem remedies to foreclose on the Transferred Property, with the consent of the Debtors and the Guarantors, through the State Court Action
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Examples of Friendly Foreclosure in a sentence

  • In connection with the exercise by Lender of any of its rights or remedies under this Section 10(b) and the transfer of the Properties pursuant either to a Friendly Foreclosure or the Transfer Documents, Lender agrees that it shall comply with the procedures outlined on the Schedule of Terms of Sale Procedures annexed hereto and incorporated herein.

  • Upon the occurrence of the Transfer Conditions, Lender shall be, and is hereby, authorized, at Lender's election, in its sole discretion, either to (a) initiate a Friendly Foreclosure of the Mortgages, as aforesaid, or (b) authorize and direct Escrow Agent to release the Transfer Documents to Lender for recordation and/or filing, at Borrowers' sole cost and expense, in the appropriate jurisdictions.

Related to Friendly Foreclosure

  • Foreclosure means the process by which a property, placed as security for a real estate loan, is sold at auction to satisfy the debt if the trustor (borrower) defaults.

  • Commencement of Foreclosure The first official action required under local law in order to commence foreclosure proceedings or to schedule a trustee's sale under a deed of trust, including (i) in the case of a mortgage, any filing or service of process necessary to commence an action to foreclose, or (ii) in the case of a deed of trust, posting, the publishing, filing or delivery of a notice of sale, but not including in either case (x) any notice of default, notice of intent to foreclose or sell or any other action prerequisite to the actions specified in (i) or (ii) above, (y) the acceptance of a deed-in-lieu of foreclosure (whether in connection with a sale of the related property or otherwise) or (z) initiation and completion of a short pay-off.

  • In danger of foreclosure means any of the following:

  • Residence in foreclosure or “affected residence” means residential real property consisting of one to four family dwelling units, one of which the owner occupies as the owner’s principal place of residence, where a delinquency or default on any loan payment or debt is secured by or attached to the residential real property including but not limited to contract for deed payments, real estate contracts, or real estate taxes.

  • Sale Hearing means the hearing conducted by the Bankruptcy Court to approve the transactions contemplated by this Agreement.