If he rents, the bank wouldn't be foreclosing on the property, i.e. taking ownership of that space in the building. Looks like he put up "Kite's" as collateral which would be the “accounts, inventory, equipment, fixtures and general intangibles.” Not sure what that's worth. Anyway, foreclosure is probably just one remedy and that's the newsworthy word. They want a judgment for the money he owes them. He's probably defaulted on a loan that has an acceleration clause whereby they can sue for the entirety of what he owes even if it wouldn't all have been due yet had he made his payments on time. Doubtful he has a defense, but he probably hopes to show them that pushing balls out with the suit won't produce them the cash they want and thus they should let him get back on a new loan.
If the other collateral aside from "foreclosing on Kite's" would get them the money, they could tell him to go eff himself, provided of course they had him personally guarantee the loans so that he can't just fold up his corporations and escape. He could always file bankruptcy and probably come out OK. He doesn't look like the kind of guy who'd be afraid of having that stigma.
