Foreclosure Rights Sample Clauses
The Foreclosure Rights clause defines the lender's authority to take possession of a borrower's property if the borrower defaults on their loan obligations. In practice, this clause outlines the specific conditions under which foreclosure can occur, such as missed payments or breach of contract, and details the process the lender must follow, which may include providing notice and an opportunity to cure the default. Its core function is to protect the lender's financial interests by providing a legal mechanism to recover the outstanding loan balance through the sale of the secured property.
Foreclosure Rights. (a) For so long as the Seller is the Majority Certificateholder, the Servicer shall not commence foreclosure proceedings with respect to a Mortgage Loan unless (i) no later than five Business Days prior to its commencement of such foreclosure proceedings, it provides written notice to the Master Servicer and the Majority Certificateholder of its intention to do so, and (ii) the Majority Certificateholder consents in writing to such action; provided, however, if the Majority Certificateholder does not consent in writing within five Business Days of receipt of written notice from the Servicer of its intention to foreclose, consent shall be deemed to have been given by the Majority Certificateholder.
(b) In addition, for so long as the Seller is the Majority Certificateholder, in the event that the Servicer determines not to proceed with foreclosure proceedings with respect to a Mortgage Loan that becomes 60 days or more delinquent and the Servicer has determined that it is unable to collect payments due under such Mortgage Loan, the Servicer shall, prior to taking any action with respect to such Mortgage Loan, promptly provide the Master Servicer and the Majority Certificateholder with notice of such determination and a description of such other action that it intends to take with respect to such Mortgage Loan; provided, that the Servicer shall not be permitted to proceed with any such action unless the Majority Certificateholder consents in writing to the Servicer taking such action; provided, however, if the Majority Certificateholder does not consent in writing within five Business Days of receipt of written notice from the Servicer of its intention to take such action, consent shall be deemed to have been given by the Seller.
(c) If the Majority Certificateholder does not consent to an action or contemplated action of the Servicer pursuant to either (a) or (b) above, then the Majority Certificateholder shall instruct the Servicer to hire, at the Majority Certificateholder’s sole cost and expense, three appraisal firms, selected by the Servicer in its sole and absolute discretion from the list of appraisal firms attached as Exhibit H, to compute the fair value of the Mortgaged Property relating to the related Mortgage Loan utilizing the F▇▇▇▇▇ Mae Form 2055 Exterior-Only Inspection Residential Appraisal Report (each such appraisal-firm computation, a “Fair Value Price”), in each case (other than as set forth in (d) below) no later than 30 days from the da...
Foreclosure Rights. 11.1 Pursuant to Section 10.7 above, Purchasers agree that Sellers' foreclosure remedies include, but are not limited to a decree and judgment:
(a) granting Sellers immediate possession of the Collateral described above;
(b) rights and remedies of strict foreclosure of all Collateral;
(c) ordering Purchasers to surrender the Collateral to Sellers within ten (10) days of the date of the Confession of Judgment or other judgment is entered;
(d) authorizing Sellers to foreclose their security interests in the Collateral and: ● sell the same in a commercially reasonable manner as permitted by law and apply the proceeds of any sale of the Collateral to the satisfaction of the Confession of Judgment, including all lawful expenses of collection and sale, with any deficiency or surplus to be handled in accordance with applicable law, and/or ● in Sellers sole discretion retain, possess, and utilize the Collateral for the purposes of continuing its operations or business functions, including without limitation, assuming control of ongoing customer contracts, sales, vendor relationships, managing employees and other activities necessary to maintain business continuity, free and clear of any claim, lien, or right of redemption of the Purchasers and all persons claiming by, through, or under the Purchasers.
11.2 The Purchasers agree and acknowledge retention and continued use of the collateral by Sellers shall not constitute a breach of duty, nor be construed as a waiver of Sellers' rights under the Confession of Judgment or under applicable law. The Purchasers agree and acknowledge that continuity of operations through retention or acquisition of the collateral is commercially reasonable, promotes mitigation of loss, and is in the interest of judicial efficiency and creditor recovery. The Purchasers agree that net income earned pursuant to business continuity operations shall be applied to the Confession of Judgment.
Foreclosure Rights. (a) For so long as (i) the Certificateholder holds all of the Classes of Privately Offered Notes (other than any such Notes with respect to which a “will be debt” opinion has been rendered by nationally recognized tax counsel and furnished to the Master Servicer) and the Certificates and (ii) has not forfeited its rights set forth in Section 4.02 of the ▇▇▇▇▇ Fargo Servicing Agreement, the Master Servicer (A) shall promptly notify the Certificateholder of its receipt of any Foreclosure Notice and any Non-Foreclosure Notice and (B) shall promptly notify the Certificateholder of the Fair Value Prices (as defined in the ▇▇▇▇▇ Fargo Servicing Agreement) and related calculations of the purchase price of the Mortgage Loans determined pursuant to Section 4.02 of the ▇▇▇▇▇ Fargo Servicing Agreement. In the event that the Certificateholder has notified the Master Servicer in writing that the Investor no longer holds all of the Privately Offered Notes (other than any such Note with respect to which a “will be debt” opinion has been rendered by nationally recognized tax counsel and furnished to the Master Servicer) and the Certificates and the Servicer, as applicable, has notified the Master Servicer that the Certificateholder has forfeited its rights set forth in Section 4.02 of the ▇▇▇▇▇ Fargo Servicing Agreement, the Master Servicer shall provide the Servicer with an Expiration Notice indicating such event.
Foreclosure Rights. Borrower may not commence any Enforcement Action with respect to the Mortgage Loan Collateral for any Mortgage Loan. In the event a default or event of default exists under any Mortgage Loan which gives rise to Borrower's right to commence any Enforcement Action with respect to the Mortgage Loan Collateral for such Mortgage Loan, prior to commencing any such Enforcement Action, Borrower shall assign to a Foreclosure Subsidiary, and such Foreclosure Subsidiary shall assume, the applicable Mortgage Loan and all Mortgage Loan Documents related thereto and the exercise of all rights and remedies shall thereafter be conducted through such Foreclosure Subsidiary only. Such Foreclosure Subsidiary may only commence an Enforcement Action under the applicable Mortgage Loan Documents in Loan and Security Agreement (Ashford) accordance with the terms and conditions of Section 2.17(a). Prior to such Foreclosure Subsidiary's exercise of an Enforcement Action, Lender may elect to cause Borrower or such Foreclosure Subsidiary to engage an accredited environmental firm to perform a Phase I environmental study on the underlying Mortgage Loan Collateral constituting real property. In the event said Phase I demonstrates that such real property has potential environmental issues, in the sole determination of Lender, Lender may prohibit the exercise of any Enforcement Action in respect of such Mortgage Loan Collateral, such Foreclosure Subsidiary shall not pursue the exercise of any such Enforcement Action in respect of such Mortgage Loan Collateral and Borrower shall comply with the mandatory prepayment provisions set forth in Section 2.8(f) with respect to such Mortgage Loan.
Foreclosure Rights. In the event of any default hereunder, then and in each such event, Beneficiary may declare all sums secured hereby immediately due and payable either by commencing an action to foreclose this Deed of Trust as a mortgage, or by the delivery to Trustee of a written declaration of default and demand for sale and of written notice of default and of election to cause the Trust Property to be sold, which notice Trustee shall cause to be duly filed for record in case of foreclosure by exercise of the power of sale herein. Should Beneficiary elect to foreclose by exercise of the power of sale, Beneficiary shall also deposit with Trustee this Deed of Trust and the Note and such receipts and evidence of expenditures made and secured hereby as Trustee may require, and notice of sale having been given as then required by law and after lapse of such time as may then be required by law after recordation of such notice of default, Trustee, without demand on Trustor, shall sell the Trust Property at the time and place of sale fixed by Trustee in its notice of sale, either as a whole or in separate parcels, and in such order as Trustee may determine, at public auction to the highest bidder upon any terms and conditions specified by Beneficiary and permitted by applicable law. Trustee may postpone sale of all or any portion of the Trust Property by public announcement at the designated time and place of sale, and from time to time thereafter may postpone such sale by public announcement at the time fixed by the preceding postponement. Trustee shall deliver to the purchaser at the sale a Trustee’s deed or deeds conveying the Trust Property, or any portion thereof, so sold, but without any covenant or warranty, express or implied. The recitals in such deed or deeds of any matters or facts shall be conclusive proof of the truthfulness thereof. Any person, including Trustor, Trustee or Beneficiary, may purchase at any sale. The power of sale under this Deed of Trust shall not be exhausted by any one or more sales (or attempts to sell) as to all or any portion of the Trust Property remaining unsold, but shall continue unimpaired until all of the Trust Property has been sold by exercise of the power of sale and all indebtedness of Trustor to Beneficiary under this Deed of Trust, the Note or any other Loan Document has been paid in full.
Foreclosure Rights. Pursuant to the Funding Agreement, the Trust has granted one or more parties the right, upon the occurrence of specified adverse events, to foreclose upon and sell a portion of the Transferred Receivables, and related Finance Charge Receivables, not to exceed the Specified Retailer Receivables and the Lender Collateral Interest Percentage of all other Transferred Receivables and all Finance Charge Receivables relating to both. Pursuant to the Indenture Security Agreement, the Indenture and one or more indenture supplements, the Note Trust may similarly grant to the indenture trustee under the Indenture the right, upon the occurrence of specified events of default, to foreclose upon and sell various portions of the Transferred Receivables (other than Specified Retailer Receivables), and related Finance Charge Receivables, not to exceed, in the aggregate, Principal Receivables in an amount equal to the “Collateral Amount” (as defined in an applicable supplement to the Indenture) and related Finance Charge Receivables. The Trustee shall cooperate with the indenture trustee under the Indenture in the exercise of any such right.
Foreclosure Rights. 11.1 Pursuant to Section 10.7 above, Purchasers agree that Sellers’ foreclosure remedies include, but are not limited to a decree and judgment:
(a) granting Sellers immediate possession of the Collateral described above;
(b) rights and remedies of strict foreclosure of all Collateral;
(c) ordering Purchasers to surrender the Collateral to Sellers within ten (10) days of the date of the Confession of Judgment or other judgment is entered;
Foreclosure Rights. The Indenture Trustee agrees to give, or to cause an agent acting on its behalf to give, the Lessee notice of the Indenture Trustee's, or such agent's, intent to foreclose or exercise a comparable remedy against the Estate pursuant to the Security Documents, or a portion thereof, solely as a result of an Event of Default not arising as a result of a Lease Event of Default, at least 25 days prior to the exercise of such foreclosure or remedy. In the case of such an Event of Default, the Lessee will be permitted to bid at any foreclosure sale, or to bid at any private sale, for the Estate or the portion being foreclosed and the Indenture Trustee will sell or cause its agent to sell to the Lessee if it is the highest bidder. If prior to the expiration of such 25-day period the Lessee notifies the Indenture Trustee or its agent that the Lessee desires to purchase (which purchase shall be for the Required Payment (as defined in Section 20.01 of the Indenture) but without Redemption Premium) or assume all of the Notes and if such notice states that (x) Lessee agrees to so purchase or assume on a date set forth therein not later than 25 days after such notice and (y) Lessee agrees that the Lessee will consummate the purchase on such date or assume the obligations under all of the Notes in accordance with Section 10.1 hereof, the Indenture Trustee or its agent shall forbear and shall cause any such agent to forbear exercising such foreclosure or remedy until such date thereby scheduled. If the purchase does not occur by such date or the Lessee fails on such date to satisfy the conditions set forth in Section 10.1 hereof to assume all of the Notes, the Indenture Trustee or its agent may proceed to exercise remedies under the Security Documents (free of any obligation arising under Section 9.1 hereof as to any sale by the Indenture Trustee or its agent, it being understood that future owners of interests in the Properties will be bound by Section 9.
1). If all of the Notes are so assumed, the Lessee shall cure any Events of Default still continuing to the extent curable (it being understood that (a) Events of Default resulting from a failure to make payments in accordance with the Notes or the Indenture must be cured by the Lessee, (b) the Lessee must cure Events of Default arising from non-monetary performance obligations under the Notes, the Maryland Security Documents or Indenture within the grace period applicable thereto under the Lease, as if such grace period...