<p>Ship Mortgage Deed</p><p>Submitted by (applicant)</p><p>Address</p><p>Postal code Town</p><p>National ID no./organisation no. Ref. no. </p><p>1. Mortgagor(s) Name National ID no./organisation no. </p><p>Specification of the amount of the secured claim: Amount Currency Amount in words NOK Additional liability: </p><p>2. Mortgagee Name National ID no./organisation no.</p><p>3. Mortgaged property The ship name’s (or newbuilding number) Signal letters</p><p>Shipyard Year when built</p><p>Other Port of registration/home port, country</p><p>This mortgage covers the collateral’s individual parts and appurtenances of any kind and shall also cover anything obtained in the future, see section 45 of the Norwegian Maritime Code. In addition, the mortgage covers any sum insured for the collateral. If the collateral is entered in the Norwegian Shipbuilding Register, the mortgage also includes the main engine and sections of the hull that are built at the principal yard or other yards in Norway. The mortgage also includes the hull, large sections of the hull or main engine built by a foreign yard and delivered by the foreign yard. The mortgagor undertakes to ensure the necessary labelling or other identification of materials and equipment located at the principal yard or at any other yard that builds the main engines or large sections of the hull, see section 43 of the Maritime Code. This mortgage also comprises the sum insured for a ship which is under construction. </p><p>Names of any other yards:</p><p>4. Agreed priority Date Mortgagor’s signature</p><p>© 2012 AdvokatOnline.no DokID 242 Page 1 of 3</p><p>This mortgage has a right of succession. 5. Prohibition against certain legal transactions The ship may not be sold or made subject to any additional mortgage without the mortgagee’s consent. </p><p>6. Additional text The more detailed relationship between the mortgagor and mortgagee, including regarding when the secured claims fall due for payment and the forced realisation of the collateral, is regulated in the credit agreement and/or a separate mortgage declaration or agreement concerning the provision of collateral as guarantee for another party’s payment of a debt. In the case of a default, the mortgagee may demand that the mortgagor promptly arranges for the collateral to be brought to the port of the mortgagee’s choice or may take possession of the collateral and bring it to the port of the mortgagee’s choice for the mortgagor’s risk and expense.</p><p>In addition to disposing of the mortgaged ship by forced sale or by taking possession of the ship, the repayment of the debt together with interest and all costs and expenses incurred may be enforced without prior legal proceedings, according to the Enforcement Act (Norway) section 7 - 2. </p><p>The mortgagor undertakes:</p><p> a) to allow the mortgagee or his representative to examine the collateral and have it appraised at any time and at the mortgagor’s expense. If the value of the collateral value in the new appraisal shows that the security has, in the mortgagee’s view, been substantially reduced, the mortgagee may demand early repayment of the debt, b) to keep the mortgaged property adequately insured by the insurances and on the terms requested by the mortgagee, c) to notify the mortgagee immediately if any claim for salvage arises, or if any party takes legal steps to acquire rights in or control over the collateral. The same applies if the collateral experiences major damage/a major breakdown or is captured or if the mortgagor for other reasons loses or experiences restrictions on his control over the collateral or decides to lay up the collateral, d) to not charter out the ship for a continuous period of more than 12 months or on bareboat conditions without the consent of the mortgagee, e) to not scrap the ship, make major alterations to the ship or make major improvements to the ship without the mortgagee’s consent, f) to ensure that the mortgagor’s business operations and the use of the collateral comply with the prevailing laws and regulations, including any orders stipulated pursuant to such.</p><p>These provisions take precedence after regulations in any credit agreement, special mortgage declaration or agreement concerning the provision of collateral as guarantee for another party’s payment of a debt.</p><p>Date Mortgagor’s signature</p><p>© 2012 AdvokatOnline.no DokID 242 Page 2 of 3 Signatures and confirmations - the mortgagor(s) I/We hereby consent to the creation of the mortgage specified above. Place, date</p><p>The mortgagor’s (mortgagors’) signatures Repeated in block letters</p><p>I/we certify that the title holder(s) is/are over the age of 18 years, and has/have signed or acknowledged his/her/their signature(s) in my/our presence. I/we am/are of age and resident in Norway. Signature of witness no. 1 Repeated in block letters </p><p>Address</p><p>Signature of witness no. 2 Repeated in block letters </p><p>Address</p><p>© 2012 AdvokatOnline.no DokID 242 Page 3 of 3</p>