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~ 200706106 outstanding. Such monthly reductions shall take effect in arrears on thesamedayofthemonth the Loan was originally made. In the event of foreclosure the full amount ofthepriricipal remaining due shall be forgiven. . 2.. DESIGNATION OF :DEF Aut T . AND ItEMEDIES.. Lender shallgiveil6tice to Boi:iower and Sernor Lien Holder prior to a designation of a default llnder the Note. The notice shall specifr:(a}the default; (b) . the action requited to cure the default: (c) a date, not less thari 30 dayilfrom the date the notice is given to Borrower (arid with respect toSemor Lien Holder, 60 days from the date thenotice)sgiventoSemor Lien Holder), by which the default must be cured; and (d) that failure wcure the defau,}ton or before the date specified in the notice I1laytesult in designation ofa defaultundettheNote and the saleoffue Property. The notice shall further inform Borrower of the right to teinstateaftet. designation ofactefault and the. right to bring a court action to assert the nan-existence ofadefariltoranyothet defenseoflJorrower to a designation of default and sale. If the default is not cured by Borrowet on or befotethe datespecifi.edin the riotice, and Senior Lien Holder has not exercised its right to cure the default, then Lmdetat its option may designate a default. and. require. immed. iate . payment of. all sums not. forgiven secure... d by this Mortgage without further demand and may invoke the power of sale and any other remediesperrtrittedby applicable law. Notwithstanding Lender's right to invoke any remedies hereunder, Lender'rriay not cOI1lI1lence forec1osureproceedings or accept a deed in lieu of foreclosure; or exercise any otherrights or remedies hereafter until it has given Senior Lien Holder at least 60 days prior Written notice; Lender shall be entitled to collect all expenses incurred in pursuing the reinedies provided in this sectioh 2, including,btit not limited to, reasonable attorneys' fees andoosts of title evidence. If Lender invokes the poWer of sale, LeIider shall mail copies of a notice of sale in the manner prescribed by applicable .law to BoiToWet, Senior Lien Holder and . fothe otherpefsonSprescribedby applicable law. Lender shall publish the notice Of sale by publi~ advertisement. for. the time and ..inthe rilanner prescribed by applicable law. Lender, without deinarid on Borrower, shall sell the Ptppet!yat publicauctiort to the highest bidder for cash. at the time arid place aildunder the terms designated inthetidtice of salem OlleorI1lore parcels and in any order Lendet detennines~ Lender may postpone sale of all or any parcel 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 ariy sale. Lender shall deliver to the purchaser Lender's deed conv6yingthe Propcrtywithoufilny covenant or warranty, expressed or implied. The reCitalsin tender's deed shall beprimafacieevide11ceofthetruth of the statements. made therein. Lender shall.. apply the proceeds. of the sale in the following . order: (a) to all expenses of the sale, 'including, hut not lirriited to, reasonable. attorneys' fees; (b). to all sums nof forgiven by this Mortgage; and (c) any eXcess to the petson OfPeTSons legallyentitledto it 3. SUBORDlNAfION; This Mortga!teis sribject andsubordinateinalLrespectsfu the liens,terins, covenants and conditions of the First Mortgage and to all advances hefetoforemadeorwhich may hereafter be. made pursuant to the. First Mortgage, . including all sumsadVariced fat the. pmposeof( a). protecting or further securing the lien of the Firilt Mortgage, curing defaults by BOlTowerunrlertheFitst Mortgage or for any other purpose expressly permitted. by.. the First Mortgage; or (b ) constructing" renoyating, . repairing, furnishing, fixturing or equipping the Property: The tenus and provisions ofJneFirst Mortgage are pliramountand controlling; and they supersede any other terms and provisions hereofin c?nflict therewith. . In the event offoreclosl.1re or deed in lieu offoreclosure of theFirstMortgage'anypr?y1sions herein ot any provisioils in any other collaterill..agreeIl1ent. restricting the use of thePtopertyorotherwise restricting Borrower's ability to sell the Property shallhaveno further force<or'effecto1'1subsequent owners or purchasers of the Property.A1:J.y person,inc1udi1lg hIs successors,orassigns (other than J30rrowerora related entity of Borrower), receiving title to the Property through a foreclosuic.oideedin lieu of . foreclosure of the Fitilt Mortgage shall receive title to the PropeityihieandclelitfrOi1isubh restrictions. Further, ifSeniot Lien Holdet acquires title to the Property pursuant to a. deed:inlieri bftoteclosure; the lien of this Mortgage shall automatical1y ienninateuponSenior Lien Holder's acquisitionof)hetitle,provided that (a) Lender has been giveri Written notice of a default under thecFirst Mortgage; arid (b}Lender shall not have cured the default tinder the First Mortgage, Or' diligentlypurSuedcuringthedefll.ultas determined by the Senior Lien Holder, within the 50-day period provided in such notice sent to Lender.. RFHPMTG.doc 2 Revisad'Feb 200ii. 11M