No Foreclosure Clause Samples
The No Foreclosure clause prohibits a party from initiating foreclosure proceedings on certain assets or property under specified circumstances. Typically, this clause applies to lenders or creditors, restricting their ability to seize collateral even if a borrower defaults, unless particular conditions are met, such as a material breach or failure to cure a default within a set period. Its core function is to protect the interests of the asset owner by preventing premature or unjustified loss of property, thereby providing stability and encouraging resolution of disputes without immediate recourse to foreclosure.
No Foreclosure. There is no foreclosure proceeding pending or, to the best of the PFI’s knowledge, threatened, with respect to such Mortgage or any Property subject thereto.
No Foreclosure. CCLG has not foreclosed on Regenicin’s assets under the Promissory Note.
No Foreclosure. Notwithstanding that the Issuer’s audited financial statements for the fiscal year ending December 31, 2024 include a going concern qualification and that the Issuer and/or its subsidiaries are currently in default under certain lease agreements due to non-payment of rents, (i) neither the Issuer nor any of its subsidiaries has received written notice from any landlord or lessor of any leased real property of the commencement or threatened commencement of any foreclosure, eviction, or similar proceedings as a result of non-payment of rent or other amounts due under any lease, in each case, that would reasonably be expected to result in a Material Adverse Effect, and (ii) the aggregate proceeds to be received by the Issuer from the issuance of the Notes and Warrants, together with other funds available to the Issuer, will be sufficient to pay in full all past due rent and other amounts currently owed to landlords or lessors, such that, after giving effect to such payments, no default or event of default will exist under more than 5% of leased units to which the Issuer or any of its subsidiaries is a party.
No Foreclosure. There has been no default by a Mortgagor on a Mortgage Loan resulting in the foreclosure on, or trustee's sale of, the Mortgaged Property.