Second Mortgage Promissory Note (Page 2 of 3) in pdf

***THIS DOCUMENT IS ONLY FOR REVIEW BY AFFILIATES AND ATTORNEYS***

***CONTACT HFH-NYS TO OBTAIN AN EXECUTABLE VERSION***

Property or an interest in the Property with or without consideration (which shall include, but not be limited to, a

transfer by devise or descent). In addition to the foregoing, a Transfer shall be deemed to have occurred if the

Borrower no longer occupies the Property as its primary residence. Notwithstanding the foregoing, the following

shall not be a Transfer: (a) if there is more than one Borrower, the death of one of the Borrowers, (b) the creation

by a Borrower of a joint tenancy with a spouse, (c) if there is more than one Borrower, and one of the Borrowers

ceases to occupy the Property as his or her Principal residence, but the other Borrower continues to occupy the

Property as his or her principal residence, and (d) any other transfer upon which the acceleration of the amounts

due under this Note is prohibited by applicable law.

DEFAULT.

(A)

Default. I will be in default if I do not pay the full amount of each monthly payment on the date

it is due, or if I fail to fulfill any other obligation contained in this Note, the Mortgage, any Rider thereto, or any

other Note, Mortgage, or other obligation.

(B)

Notice of Default and Acceleration of Obligation. If I am in default, unless prohibited by

applicable law, Habitat may send me a written notice telling me that if I do not pay the overdue amount or

otherwise cure my default by a certain date, Habitat may require me to pay immediately the full amount of

Principal which has not been paid and all the interest that I owe on the Note, together with any other amounts due

under any other Note, Mortgage, or other obligation with Habitat. Habitat will give me at least thirty (30) days

after the date that the notice is mailed to me, or delivered to me, if personally delivered, to cure the default.

(C)

No Waiver by Note Holder. Even if, at a time when I am in default, Habitat does not require me

to pay immediately in full or to otherwise cure my default as described above, Habitat will still have the right to do

so if I am in default at a later time.

(D)

Payment of Note Holder’s Costs and Expenses. If Habitat has required me to pay immediately in

full or to otherwise cure my default as described above, Habitat will have the right to be paid back by me for all of

its costs and expenses in enforcing this Note to the extent not prohibited by applicable law. Those expenses

include, but are not limited to, reasonable attorney’s fees.

GIVING OF NOTICES.

Any notice to Borrower provided for in this Mortgage shall be given in writing and hand-delivered or mailed by first

class mail unless applicable law requires a different method. The notice shall be directed to the Property address

unless the Borrower has given written notice to Habitat of a different address. Any notice to Habitat shall be given

by first class mail to Habitat's address stated herein or any other address Habitat designates by notice to Borrower.

OBLIGATIONS OF PERSONS UNDER THIS NOTE.

If more than one person signs this Note, each person is fully and personally obligated to keep all of the promises

made in this Note, including the promise to pay the full amount owed. Any person who is a guarantor, surety, or

endorser of this Note is also obligated to do these things. Any person who takes over these obligations, including

the obligations of a guarantor, surety, or endorser of this Note, is also obligated to keep all of the promises made

in this Note. Habitat may enforce its rights under this Note against each person individually or against all of us

together. This means that any one of us may be required to pay all of the amounts owed under this Note.

WAIVERS.

I, and any other person who has obligations under this Note, waive the rights of presentment and notice of

dishonor. “Presentment” means the right to require Habitat to demand payment of amounts due. “Notice of

dishonor” means the right to require Habitat to give notice to other persons that amounts due have not been paid.

Second Mortgage Promissory Note

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Second Mortgage Promissory Note Page 2

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