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.