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.

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.