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t)\ 200706085 household has owned the unit, shall be repaid to the Bank, from any net gain realized upon the refinancing, unless the property continues to be subject to a deed restriction or other legally enforceable retention agreement or mechanism. Provided that the Lender does not designate a default under the Note, the amount8 due and payable under the Note \vill be forgiven :1S follov,1~: The principal amount of the Loan shall be reduced over the first 5 years by l/60th of the original principal balance of the Loan for each month the Loan is OlJtstanding. Such monthly r~d\Jctions sh,dl take ~ff~ct in arr~rs on the same day ofth~ month the Loan was originally made. In the event offoreclosure the full amount of the principal remaining due shall be forgiven. 2. DESIGNATION OF DEFAULT AND REMEDIES. Lender shall give notice to Borrower and Senior Lien Holder prior to a designation of a defiruit under the Note. The notice shaH specify: (a) the deftiUlt; (b) the action required to cure the default; (c) a date, not less than 30 days from the date the notice is given to Borrower (wd v.ith re5pect to Senior Lien Holder, 60 day~ from the date the notice i5 given to Senior Lien Holder), by which the default must be cured; and (d) that failure to cure the default on or before the date specified in th/il notice may result in designation of a d~au1t under the Note and the 5ale of the Property, The notice shall further inform Borrower of the right to reinstate after designation of a default and the right to bring a court action to 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 before the date specified in the notice, and Senior Lien Holder has not exercised its right to cure the default, then Lender at its option may designate a default and require immediate payment of all sums not forgiven secured by this Mortgage without further demand and may invoke the power of sale and any other remedies permitted by applicable Ia.w. NOtwithstatiding Lender's fight to invoke any remedies hereunder, Lender may not commence foreclosure proceedings or accept a deed in lieu of foreclosure, or exercise any other rights or remedies hereafter until it has given Senior Lien Holder at leMt 60 days prior 'written notice. Lender :o;hall be entitled to collect all expenses incurred in pursuing the remedies provided in this section 2, including, but not limited to~ re~~on~ble attorneys' fees and oosts of title .widenl;\e, If Lender invokes the power of sale, Lender shall mail copies of a notice of sale in the manner prescribed by appHcabie iaw to Borrower, Senior Lieii Holder and to the other p.:rsolls prescribed by applicable iaw. Lender shall publish the notice of sale by public advertisement for the time and in the manner prescribed by appli~ble law. Lender, without deImt."1d on Borrower, :o;hall sell the Property at public auction to the highest bidder for cash at the time and place and under the terms designated in the notice of sale in one or more par~els ~nd in any ordl[!r Lendl[!r det@rmin~s, Lender may postpone sale of all or any p~r(:el of the Property to any later time on the same date by public announcement at the time and place of any previously scheduled sale. Lender 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 WMhulty, expi'essed or Implied. The recitals iu Leiidei"s deed shall be pl'ima fucie evidence of the With oftlie statements made therein. Lender shall apply the proceeds of the sale in the following order: (a) to all expenses of the sale, including, but not limited to, reasonable attorneys' fees; (b) to all sums not forgiven by this Mortgage; and (c) any excess to the person or persons legally entitled to it. 3. SUBORDINATION. This Mortgage is subject and subordinate in aU 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 the First Mortgage, including all sums advanced for the purpose of (a) protecting or further securing the lien of the First Mortgage, curing defaults by Borrower under the First Mortgage or for any other purpose expressly permitted by the First Mortgage; or (b) constructing, renovating, repairing, furnishing, fixturing or equipping the Property. The terms and provisions of the First Mortgage are plii'lUliuum and Miltfolliilg, a.M they supersede <lily othef t6i'illS lUil!. j:li'OvisiOiiS hefwf hi MrHlkt ti'it;t'cwith. In the event of foreclosure or deed in lieu of foreclosure of the First Mortgage, any provisions herein or any prm.isions in any other collateral agreement restricting the use of the Property or otherwise restricting Borrower's ability to sell the Property shall have no further force or effect on subsequent owners or plJrcha~ers of the Prop.my Any perRon; insllJding his SlJsce:ssors or as~igns (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. 2