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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Under the royalty agreement these foreclosure rights are not affected by Semi-Tech's appeal.
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.
If unsuccessful, the company would be subject to the foreclosure rights of its existing creditors.
Quintana is entitled to exercise its foreclosure rights under the terms of the senior secured financing arrangement announced on 15 October 2014 and 30 October 2014, and accordingly pursuant to the Acknowledgement, Quintana has exercised its security and taken ownership of Arian Silver de Mexico SA de CV and its assets, including the San Jose project.