Right of Foreclosure

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Right of Foreclosure

The legal right of a mortgage lender to take ownership of a property securing a mortgage if the borrower does not meet the terms of the lending agreement. Most obviously, the right of foreclosure is exercised if the borrower does not pay the mortgage.
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Hardee Capital did not pay $8,300 of such amount as agreed and consequently, the note is in default under its terms and conditions, giving MicroTel the immediate right to vote the collateral shares of Kleer-Vu, as well as foreclosure rights, and the right to proceed against the personal guarantee of David W.
3 million bank note, the assets of Direct Data have been transferred to the secured creditor holding the foreclosure rights under the bank note.