200004464 - Laserfiche WebLink

Browse

200004464 2. DESIGNATION OF DEFAULT ANU REMI?Ull?S. lender shall give notice to Bonower and Senior Lien Holder prior to a designation of a default under lite Note. The notice shall specify: (a) tl►e default; (b) the action required to cure the defauh; (c) a date, not less than 30 days fiom the date the notice is given to Borrower (and with respect to Senior l.icn l lolder, W days fron► the date the notice is given to Senior Lien ilolder), by which the default must be cured; and (d) that failure to cure the defaull on or before the date specified in the notice may result in designation of a default under (he Note and the sale of the Property. The notice shall fnitber inform Borrower of the right to reinstate after designation of a default and the right to bring a court action (o assert the non existence of a default or any other defense of' Borrower to a designation of default and sale. If the default is not cured by Borrower on or beline the dale specified in the notice, and Senior Lieu Ifolder has not exercised its light to cure the default, then Lender at its option naay designate a default and require inunedia(e payment of all sums secured by this Mortgage without further den►and and may invoke the power of sale and ally other remedies permitted by applicable law. Notwithstanding Lender's right to invoke any remedies hereunder, I.cnder may not commence loreclosure proceedings or accept a deed in lieu of fixeclosure, or exercise any other rights or remedies hereafter until it has given Senior Lien Holder at least GU clays' prior wt alien notice. Lender shall be entitled to collect all expenses incurred in pursuing the remedies provided in this section 2, including, but not limited to, reasonable attorneys' fees and costs of title evidence. if Lender invokes the power of sale, bender shall mail copies of a notice of sale in the manner prescribed by applicable law to Borrower, Senior Lien Holder and to the other persons prescribed by applicable law. Lender shall publish the notice of sale by public advertisement fix the tinge and in the manner prescribed by applicable law. Lender, without demand on Borrower, shall sell the Property at public auction to the highest bidder for cash at the time and place and under the teens designated in the notice of' sale in one or more parcels and in any order Lender determines. Lender may postpone sale of all or any parcel of the Property to any later tinge on the same (late by public announcement at the lime and place of any previously scheduled sale. Lend(► or its designee may purchase the Property at any sale. Lender shall deliver to the purchaser lender's deed conveying the Property without any covenant or warranty, expressed or implied. The recitals in Lender's decd shall be prima facie evidence of the With of the slatcn►ents made therein. Lender shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, bill not limited to, reasonable attorneys' lees; (b) to all sums secured by this Mortgage; and (c) any excess to the person or petsons legally entitled to it. 3. SUBORDINATION. This Mortgage is subject and subordinate in all respects to the liens, terms, covenants and conditions of the First Mortgage and to all advances heretofore made or which may hereafter be made pursuant to Ilse First Mortgage, including all sums advanced fir the purpose of (a) protecting or ftuiher securing the lien of the First Mortgage, curing defaulls by Borrower under the First Mortgage or for any other purpose expressly permitted by the First Mortgage; or (b) constructing, renovating, repairing, furnishing, faxturing or equipping (lie Property. The tetras and provisions of the First Mortgage are paramount and controlling, and they supersede any other terms and provisions hereof in conflict therewith. in (he event of foreclosure or deed in lieu of foeclosure of' the first Mortgage, any provisions herein or any provisions in any other collateral agreement restricting the use of Ilse Property or otherwise restricting Borrower's ability to sell the Property shall have no further lorce or effect oil subsequent owners or purchasers of the Proper(y. Any person, including his successors or assigns (other than Borrower or a related entity of Borrower), receiving title to the Property through a foreclosure or deed in lieu of foreclosure of the First Mortgage shall receive title to the Property free and clear from such restrictions. Further, if Senior Lien Holder acquires title to the Property pursuant to a deed in lieu of foreclosure, the lien of (his Mortgage shall automatically terminate upon Senior Lien Ilolder's acquisition of the title, provided that (a) Lender has been given written notice of a default under the First Mortgage; and (b) Lender shall not have cured the default under the First Mortgage, or diligently pursued curing the default as determined by the Senior Lien l lolder, wilhin the GO day period provided in such notice sent to Lender. 4. NOTICE'S. Any notice to Borrower provided for in this Mortgage shall be given by delivering it or by mailing it by first class trail unless applicable law requires use of another method. The notice shall be directed to the Property Address or any other address Borrower designates by notice to the Lender. 2