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20100897� default under the Note, the arnounts due and payable under the Nate will be fargiven as follows: The principal amount of the Loan shall be reduc�d over the first 5 years by 1/60th of the original principal balance of the Loan for each month the Loan is outstanding. Such monthly reductions shall take effect in arrears on the same day of the month the Loan was originally made. In the event of foreclosure the full amount of the principal remaining due shall be forgiven. 2. DESIGNATION OF DEPAULT AND REMEDIES. Lender shall give notice ta Borrawer and Senior Lien Holder prior to a designation af a default under the Note. The notice shall specify: (a) the default; (b) the actian required ta cure the default; (c) a date, not less than 30 days from the date the notice is given to T3orrower (and with respect to Senior Lien Holder, 60 days frorn the date the notice is given to Seniar Lien Holder), by which the default must be cured; and (d) that failure to cure the default on or before the date speci�ed in the natice may result in desi�nation of a default under the Note and the sale 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 ar any other defense of $orrower to a designation of default and sale. If the default is not cured by Borrower on or befare Che 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 Martgage without further demand and may irtvoke the power af sale and any oCher remedies permitted by applicable law. Notwithstanding Lender's right 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 least 60 days prior written notice. Lender shall be entitled to collect all expenses incurred in pursuing tha remedies provided in this section 2, including, but not limited to, reasonable attorneys' fees and costs of title evidence. lf Lender invokes the power of sale, Lender shall mail copies of a notice of sale in the manner prescribed by applicable law to Borrower, Senior Lien Halder and to the other persons prescribed by applicable law. Lender shall publish the notice of sale by public advertisement for the time and in the manner prescribed by applicable law. I,ender, without demand on Borrower, shall sell the Praperty at public auction to the highest bidder for cash at the time and place and under th� terms designated in the notice of sale in one or more parcels and in any order Lender determines. Lender may pastpana sale of all or any parcel of the Property ta any laCer time on the same date by public announcement at the time and place of any previously scheduled sale. Lender or its desi�nee 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. 7'he recitals in Lender's deed shall be prima facie evidence of the truth 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, 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. SUBORDINATIQN. This Mortgage is subject and subordinate in all respects to the liens, terms, covenants and conditians 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 sacuring the lien of the First Mortgage, curing defaults by Borrower under the First Mortga�e or for any other purpose expressly permitted by the First Mortgage; or (b) constructing, renovating, repairing, furnishing, fixturing or equippin� the Property. The terms and provisians of the First Mortgage are paramount and controlling, and they supersede any other terms and provisions hereof in conflict therewith. In the event af foreclosure of the First Mortgage, any provisions herein or any provisions in any other collateral agreement restricting the use af the Propsrty ar otherwiss restricting Borrower's ability to sell the Praperty shall have na further farce ar effect an subsequent awners or purchasers af the Property. Any person, including his successors or assigns (other than Borrower or a related entity of Borrower), receiving title to the Property through a foxeclosure of the First Mortgage shall receive title to the Property free and clear frorn such restrictions. 4. NOTiCES. Any notice to Borrower pravided for in this Mortgage shall be given by delivering it or by mailing it by first class mail unless applicable law requires use of anather method. The notice shall be directed ta the Property Address or any other address Borrower designates by notice to the Lender. 5. RELEASE. Upon satisfaction of all sums secured by this Mortgage (whether by payment ar forgiveness), Lender shall release this Mortgage without charge to Borrower. Borrower shall pay any recordation costs. 6. MODIFICATION OF FIRST MORTGAGE LOAN DOCUMENTS. The Lender consents to any agreement or arrangement in which Senior Lien Holder waives, postpones, extends, reduces or modifies 2