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200502999
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200502999
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Last modified
10/17/2011 4:18:47 AM
Creation date
10/28/2005 10:22:57 AM
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DEEDS
Inst Number
200502999
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200502999 <br />bidder for cash at the time and place and under the terms designated in the notice of sale in one or more <br />parcels and in any order Lender determines. Lender may postpone sale of all or any parcel of the Property <br />to any later time on the same date by public announcement at the time and place of any previously <br />scheduled sale. Lender or its designee may purchase the Property at any sale. <br />Lender shall deliver to the purchaser Lender's deed conveying the Property without any covenant or <br />warranty, expressed or implied. The recitals in Lender's deed shall be prima facie evidence of the truth of <br />the statements made therein. Lender shall apply the proceeds of the sale in the following order: (a) to all <br />expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums secured by this <br />Mortgage; and (c) any excess to the person or persons legally entitled to it. <br />3. SUBORDINATION. This Mortgage is subject and subordinate in all respects to the liens, terms, <br />covenants and conditions of the First Mortgage and to all advances heretofore made or which may hereafter <br />be made pursuant to the First Mortgage, including all sums advanced for the purpose of (a) protecting or <br />further securing the lien of the First Mortgage, curing defaults by Borrower under the First Mortgage or for <br />any other purpose expressly permitted by the First Mortgage; or (b) constructing, renovating, repairing, <br />furnishing, fixturing or equipping the Property. The terms and provisions of the First Mortgage are <br />paramount and controlling, and they supersede any other terms and provisions hereof in conflict therewith. <br />In the event of foreclosure or deed in lieu of foreclosure of the First Mortgage, any provisions herein or any <br />provisions in any other collateral agreement restricting the use of the Property or otherwise restricting <br />Borrower's ability to sell the Property shall have no further force or effect on subsequent owners or <br />purchasers of the Property. Any person, including his successors or assigns (other than Borrower or a <br />related entity of Borrower), receiving title to the Property through a foreclosure or deed in lieu of <br />foreclosure of the First Mortgage shall receive title to the Property free and clear from such restrictions. <br />Further, if Senior Lien Holder acquires title to the Property pursuant to a deed in lieu of foreclosure, the lien <br />of this Mortgage shall automatically terminate upon Senior Lien Holder's acquisition of the title, provided <br />that (a) Lender has been given written notice of a default under the First Mortgage; and (b) Lender shall not <br />have cured the default under the First Mortgage, or diligently pursued curing the default as determined by <br />the Senior Lien Holder, within the 60 -day period provided in such notice sent to Lender. <br />4. NOTICES. Any notice to Borrower provided for in this Mortgage shall be given by delivering it or by <br />mailing it by first class mail unless applicable law requires use of another method. The notice shall be <br />directed to the Property Address or any other address Borrower designates by notice to the Lender. <br />5. RELEASE. Upon satisfaction of all sums secured by this Mortgage (whether by payment or forgiveness), <br />Lender shall release this Mortgage without charge to Borrower. Borrower shall pay any recordation costs. <br />6. MODIFICATION OF FIRST MORTGAGE LOAN DOCUMENTS. The Lender consents to any <br />agreement or arrangement in which Senior Lien Holder waives, postpones, extends, reduces or modifies any <br />provisions of the First Mortgage Loan Documents, including any provisions requiring the payment of <br />money. <br />IN WITNESS WHEREOF, Borrower has executed this Mortgage. <br />Borrower: s Borrower: <br />Corby fPoKer / <br />STATE OF <br />ss. <br />COUNTY OF <br />z <br />zoo <br />
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