There are several type of exercise notice.
Notice of Sale for Non-payment of Property Taxes: a warning whereby a person (City, Municipal Corporation) informs the owner of a property, following a failure to pay property taxes, of its intention to sell the property to recover the unpaid taxes.
Notice of Intent to Exercise of a Mortgage Right: a warning whereby a person brings to the attention of another individual his or her intention to exercise recourse to his or her mortgage right (taking in payment, sale under judicial control, sale by the creditor and taking possession for administrative purposes).
Exercise Notice - Taking Possession: a warning whereby a person brings to the attention of another individual his or her intention to exercise recourse to his or her mortgage right to enable the creditor (lender) to take possession of the property.
Exercise Notice - Taking in Payment: a warning whereby a person brings to the attention of another individual his or her intention to exercise recourse to his or her mortgage right to enable the creditor (lender) to take payment for the property, which means that the creditor becomes the owner of the property if repayment is not made.
Exercise Notice - Sale by Judicial Control: a warning whereby a person brings to the attention of another individual that he or she intends to exercise recourse to his or her mortgage right, namely the sale by judicial control of the property, as a result of the owner's failure to comply with his or her obligations.
Exercise Notice - Sale by Creditor: a warning whereby a person brings to the attention of another individual his or her intention to exercise recourse to his or her mortgage right to enable the creditor (lender) to sell the property.
Acquirer’s Notice - Option to Repurchase: a warning whereby a person brings to the attention of another individual his or her intention to exercise his or her right to redeem.