Print vocabulary terms associated with node

Following code will print vocabulary terms associated with node in block.

$vid is the vocabulary. In my case its value is 2.

<?php
/**
 * Prints an unordered list of the terms (as links) that are
 * associated to the currently displayed node.
 */
if ( arg(0) == 'node' && is_numeric(arg(1)) ) {
    $node = node_load(arg(1));
    $vid = 2;
    $terms = taxonomy_node_get_terms_by_vocabulary($node, $vid);
    if ($terms) {
print '<ul>';
                foreach ($terms as $term) {
                print '<li>'.l($term->name, 'taxonomy/term/'.$term->tid).'</li>';

          }
print '</ul>';
    } 
}
?>