Common use of Hypothecary action Clause in Contracts

Hypothecary action. The Borrower acknowledges that in the case of a default, the Lender may: - proceed to have the immovable sold by judicial authority; or - take the immovable in payment; In the event that the Borrower is an enterprise according to the Civil Code of Quebec, the Lender may also: - take possession of the immovable and administer it; or - sell the immovable by mutual consent, by call for tenders or by auction.

Appears in 2 contracts

Samples: Loan Agreement and Immovable Hypothec, Loan Agreement and Immovable Hypothec

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Hypothecary action. The Borrower acknowledges that in the case of a default, the Lender may: - proceed to have the immovable sold by judicial authority; or - take the immovable in payment; . In the event that the Borrower is an enterprise according to the Civil Code of Quebec, the Lender may also: - take possession of the immovable and administer it; or - sell the immovable by mutual consent, by call for tenders or by auction.

Appears in 2 contracts

Samples: Loan Agreement, Loan Agreement

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