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Mortgage(Subordinate)IndividualorCorporation

CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENTTHIS INSTRUMENT SHOULD BE USED BY LAWYERS ONLY.


THISMORTGAGE,madethe dayof intheyear
BETWEEN

,themortgagor,
and

,themortgagee,
WITNESSETH,thattosecurethepaymentofanindebtednessinthesumof

dollars,
lawfulmoneyoftheUnitedStates,tobepaid

withinterestthereontobecomputedfromthedatehereof,attherateof percentum
perannum,andtobepaidonthe dayof intheyear ,nextensuingand
thereafter,

accordingtoacertainbond,
noteorobligationbearingevendateherewith,themortgagorherebymortgagestothemortgagee

ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate,
lyingandbeinginthe
TOGETHERwithallright,titleandinterestofthemortgagorinandtothelandlyinginthestreetsandroadsinfront
ofandadjoiningsaidpremises;
TOGETHER withall fixtures,chattels andarticles of personal property noworhereafter attached toorusedin
connectionwithsaidpremises,includingbutnotlimitedtofurnaces,boilers,oilburners,radiatorsandpiping,coal
stokers,plumbingandbathroomfixtures,refrigeration,airconditioningandsprinklersystems,washtubs,sinks,gas
and electric fixtures, stoves, ranges, awnings, screens, window shades, elevators, motors, dynamos, refrigerators,
kitchencabinets,incinerators,plantsandshrubberyandallotherequipmentandmachinery,appliances,fittings,and
fixturesofeverykindinorusedintheoperationofthebuildingsstandingonsaidpremises,togetherwithanyandall
replacementsthereofandadditionsthereto;
TOGETHERwithallawardsheretoforeendhereaftermadetothemortgagorfortakingbyeminentdomainthewhole
oranypartofsaidpremisesoranyeasementtherein,includinganyawardsforchangesofgradeofstreets,whichsaid
awardsareherebyassignedtothemortgagee,whoisherebyauthorizedtocollectandreceivetheproceedsofsuch
awardsandtogiveproperreceiptsandacquittancestherefor,andtoapplythesametowardthepaymentofthemortgage
debt,notwithstandingthefactthattheamountowingthereonmaynotthenbedueandpayable;andthesaidmortgagor
herebyagrees,uponrequest,tomake,executeanddeliveranyandallassignmentsandotherinstrumentssufficientfor
thepurposeofassigningsaidawardstothemortgagee,free,clearanddischargedofanyencumbrancesofanykindor
naturewhatsoever.
ANDthemortgagorcovenantswiththemortgageeasfollows:
1. Thatthemortgagorwillpaytheindebtednessashereinbeforeprovided.
2. Thatthemortgagorwillkeepthebuildingsonthepremisesinsuredagainstlossbyfireforthebenefitofthe
mortgagee;thathewillassignanddeliverthepoliciestothemortgagee;andthathewillreimbursethemortgageefor
anypremiumspaidforinsurancemadebythemortgageeonthemortgagorsdefaultinsoinsuringthebuildingsorinso
assigninganddeliveringthepolicies.
3. Thatnobuildingonthepremisesshallbealtered,removedordemolishedwithouttheconsentofthemortgagee.
4. Thatthewholeofsaidprincipalsumandinterestshallbecomedueattheoptionofthemortgagee:afterdefaultin
thepaymentofanyinstalmentofprincipalorofinterestforfifteendays;orafterdefaultinthepaymentofanytax,
waterrate,sewerrentorassessmentforthirtydaysafternoticeanddemand;orafterdefaultafternoticeanddemand
eitherinassigninganddeliveringthepoliciesinsuringthebuildingsagainstlossbyfireorinreimbursingthemortgagee
forpremiumspaidonsuchinsurance,ashereinbeforeprovided;orafterdefaultuponrequestinfurnishingastatement
oftheamountdueonthemortgageandwhetheranyoffsetsordefensesexistagainstthemortgagedebt,ashereinafter
provided.Anassessmentwhichhasbeenmadepayableininstalmentsattheapplicationofthemortgagororlesseeof
thepremisesshallnevertheless,forthepurposeofthisparagraph,bedeemeddueandpayableinitsentiretyontheday
thefirstinstalmentbecomesdueorpayableoralien.
5. Thattheholderofthismortgage,inanyactiontoforecloseit,shallbeentitledtotheappointmentofareceiver.
6. That the mortgagor will pay all taxes, assessments, sewer rents or water rates, and in default thereof, the
mortgageemaypaythesame.
7. Thatthemortgagorwithinfivedaysuponrequestinpersonorwithintendaysuponrequestbymailwillfurnisha
writtenstatementdulyacknowledgedoftheamountdueonthismortgageandwhetheranyoffsetsordefensesexist
againstthemortgagedebt.
8. Thatnoticeanddemandorrequestmaybeinwritingandmaybeservedinpersonorbymail.
9. Thatthemortgagorwarrantsthetitletothepremises.
10. ThatthefireinsurancepoliciesrequiredbyparagraphNo.2aboveshallcontaintheusualextendedcoverage
endorsement;thatinadditiontheretothemortgagor,withinthirtydaysafternoticeanddemand,willkeepthepremises
insuredagainstwarriskandanyotherhazardthatmayreasonablyberequiredbythemortgagee.Alloftheprovisions
ofparagraphsNo.2andNo.4aboverelatingtofireinsuranceandtheprovisionsofSection254oftheRealProperty
Lawconstruingthesameshallapplytotheadditionalinsurancerequiredbythisparagraph.
11. Thatincaseofaforeclosuresale,saidpremises,orsomuchthereofasmaybeaffectedbythismortgage,maybe
soldinoneparcel.
12. Thatifanyactionorproceedingbecommenced(exceptanactiontoforeclosethismortgageortocollectthedebt
securedthereby),towhichactionorproceedingthemortgageeismadeaparty,orinwhichitbecomesnecessaryto
defendorupholdthelienofthismortgage,allsumspaidbythemortgageefortheexpenseofanylitigationtoprosecute
or defend the rights and lien created by this mortgage (including reasonable counsel fees), shall be paid by the
mortgagor,togetherwithinterestthereonattherateofsixpercent,perannumandanysuchsumandtheinterest
thereonshallbealienonsaidpremises,priortoanyright,ortitleto,interestinorclaimuponsaidpremisesattachingor
accruingsubsequenttothelienofthismortgage,andshallbedeemedtobesecuredbythismortgage.Inanyactionor
proceedingtoforeclosethismortgage,ortorecoverorcollectthedebtsecuredthereby,theprovisionsoflawrespecting
therecoveringofcosts,disbursementsandallowancesshallprevailunaffectedbythiscovenant.
13. That themortgagorhereby assignstothemortgagee, therents,issuesandprofitsofthepremisesasfurther
securityforthepaymentofsaidindebtedness,andthemortgagorgrantstothemortgageetherighttoenteruponandto
takepossessionofthepremisesforthepurposeofcollectingthesameandtoletthepremisesoranypartthereof,andto
apply the rents, issues and profits, after payment of all necessary charges and expenses, on account of said
indebtedness.Thisassignmentandgrantshallcontinueineffectuntilthismortgageispaid.Themortgageehereby
waivestherighttoenteruponandtotakepossessionofsaidpremisesforthepurposeofcollectingsaidrents,issuesand
profits,andthemortgagorshallbeentitledtocollectandreceivesaidrents,issuesandprofitsuntildefaultunderanyof
thecovenants,conditions,oragreementscontainedinthismortgage,andagreestosuchrents,issuesandprofitsin
paymentofprincipalandinterestbecomingdueonthismortgageandinpaymentoftaxes,assessments,sewerrents,
waterratesandcarryingchargesbecomingdueagainstsaidpremises,butsuchrightofthemortgagormayberevoked
bythemortgageeuponanydefault,orfivedayswrittennotice.Themortgagorwillnot,withoutthewrittenconsentof
themortgagee,receiveorcollectrentfromanytenantofsaidpremisesoranypartthereofforaperiodofmorethanone
monthinadvance,andintheeventofanydefaultunderthismortgagewillpaymonthlyinadvancetothemortgagee,or
toanyreceiverappointedtocollectsaidrents,issuesandprofits,thefairandreasonablerentalvaluefortheuseand
occupationofsaidpremisesorofsuchpartthereofasmaybeinthepossessionofthemortgagor,andupondefaultin
anysuchpaymentwillvacateandsurrenderthepossessionofsaidpremisestothemortgageeortosuchreceiver,andin
defaultthereofmaybeevictedbysummaryproceedings.
14. Thatthewholeofsaidprincipalsumandtheinterestshallbecomedueattheoptionofthemortgagee:
(a) afterfailuretoexhibittothemortgagee;withintendaysafterdemand,receiptsshowingpaymentofalltaxes,
waterrates,sewerrentsandassessments,or(b)aftertheactualorthreatenedalteration,demolitionorremovalofany
buildingonthepremiseswithoutthewrittenconsentofthemortgagee;or(c)aftertheassignmentoftherentsofthe
premisesoranypartthereofwithoutthewrittenconsentofthemortgagee;or(d)ifthebuildingsonsaidpremisesare
notmaintainedinreasonablygoodrepair;or(e)afterfailuretocomplywithanyrequirementororderornoticeof
violationoflaworordinanceissuedbyanygovernmentaldepartmentclaimingjurisdictionoverthepremiseswithin
threemonthsfromtheissuancethereof;or(f)ifonapplicationofthemortgageetwoormorefireinsurancecompanies
lawfullydoingbusinessintheStateofNewYorkrefusetoissuepoliciesinsuringthebuildingsonthepremises;or(g)
intheeventoftheremoval,demolitionordestructioninwholeorinpartofanyofthefixtures,chattelsorarticlesof
personalpropertycoveredhereby,unlessthesamearepromptlyreplacedbysimilarfixtures,chattelsandarticlesof
personal property at least equal in quality and condition to those replaced, free from chattel mortgages or other
encumbrancesthereonandfreefromanyreservationoftitlethereto;or(h)afterthirtydaysnoticetothemortgagor,in
theeventofthepassageofanylawdeductingfromthevalueoflandforthepurposesoftaxationanylienthereon,or
changinginanywaythetaxationofmortgagesordebtssecured therebyfor state orlocal purposes; or(i)ifthe
mortgagorfailstokeep,observeandperformanyoftheothercovenants,conditionsoragreementscontainedinthis
mortgage;or(j)ifthemortgagorfailstokeep,observeandperformanyofthecovenants,conditionsoragreements
containedinanypriormortgageorfailstorepaytothemortgageetheamountofanyinstalmentofprincipalorinterest
which themortgagee mayhave paid onsuch mortgage withinterest thereon asprovided inparagraph 16ofthis
mortgage.
15. Thatthemortgagorwill,incompliancewithSection13oftheLienLaw,receivetheadvancessecuredherebyand
willholdtherighttoreceivesuchadvancesasatrustfundtobeappliedfirstforthepurposeofpayingthecostofthe
improvementandwillapplythesamefirsttothepaymentofthecostoftheimprovementbeforeusinganypartofthe
totalofthesameforanyotherpurpose.
16. Ifthemortgagorfailstopayanyinstalmentofprincipalorinterestonanypriormortgagewhenthesamebecomes
Strikeoutclauseif due,themortgageemaypaythesame,andthemortgagorondemandwillrepaytheamountsopaidwithinterest
inapplicable thereonatthelegalrateandthesameshallbeaddedtothemortgageindebtednessandbesecuredbythismortgage.
17. Thattheexecutionofthismortgagehasbeendulyauthorizedbytheboardofdirectorsofthemortgagor.
18. Thismortgageissubjectandsubordinateto

Thismortgagemaynotbechangedorterminatedorally.Thecovenantscontainedinthismortgageshallrunwith
thelandandbindthemortgagor,theheirs,personalrepresentatives,successorsandassignsofthemortgagorandall
subsequent owners, encumbrancers, tenants and subtenants of the premises, and shall enure to the benefit of the
mortgagee,thepersonalrepresentatives,successorsandassignsofthemortgageeandallsubsequentholdersofthis
mortgage.Thewordmortgagorshallbeconstruedasifitreadmortgagorsandthewordmortgageeshallbe
construedasifitreadmortgageeswheneverthesenseofthismortgagesorequires.
INWITNESSWHEREOF,thismortgagehasbeendulyexecutedbythemortgagor
INPRESENCEOF:
ACKNOWLEDGEMENTTAKENINNEWYORKSTATE ACKNOWLEDGEMENTTAKENINNEWYORKSTATE

StateofNewYork,Countyof,ss: StateofNewYork,Countyof,ss:

Onthe dayof intheyear , Onthe dayof intheyear ,


beforeme,theundersigned,personallyappeared beforeme,theundersigned,personallyappeared

,personallyknowntomeorprovedtomeonthe ,personallyknowntomeorprovedtomeonthe
basisofsatisfactoryevidencetobetheindividual(s)whosename(s)is basisofsatisfactoryevidencetobetheindividual(s)whosename(s)is
(are)subscribedtothewithininstrumentandacknowledgedtome (are)subscribedtothewithininstrumentandacknowledgedtome
thathe/she/theyexecutedthesameinhis/her/theircapacity(ies),and thathe/she/theyexecutedthesameinhis/her/theircapacity(ies),and
thatbyhis/her/theirsignature(s)ontheinstrument,theindividual(s), thatbyhis/her/theirsignature(s)ontheinstrument,theindividual(s),
orthepersonuponbehalfofwhichtheindividual(s)acted,executed orthepersonuponbehalfofwhichtheindividual(s)acted,executed
theinstrument. theinstrument.

ACKNOWLEDGEMENTBYSUBSCRIBINGWITNESS ACKNOWLEDGEMENTTAKENOUTSIDENEWYORK
TAKENINNEWYORKSTATE STATE

State of New York, County of , ss: *State of , County of , ss:


On the day of in the year , *(Or insert District of Columbia, Territory, Possession or Foreign
beforeme,theundersigned,aNotaryPublicinandforsaidState, County)
personallyappeared
,the On the day of in the year ,
subscribing witness to the foregoing instrument, with whom I am ,beforemetheundersignedpersonallyappeared
personallyacquainted,who,beingbymedulysworn,diddeposeand
saythathe/she/theyreside(s)in Personallyknowntomeorprovedtomeonthebasisofsatisfactory
evidencetobetheindividual(s)whosename(s)is(are)subscribedto
(iftheplaceofresidenceisinacity,includethestreetandstreetnumberifany,thereof); thewithininstrumentandacknowledgedtomethathe/she/they
thathe/she/theyknow(s) executedthesameinhis/her/theircapacity(ies),thatbyhis/her/their
signature(s)ontheinstrument,theindividual(s)orthepersonupon
to be the individual described in and who executed the foregoing behalfofwhichtheindividual(s)acted,executedtheinstrument,and
instrument;thatsaidsubscribingwitnesswaspresentandsawsaid thatsuchindividualmakesuchappearancebeforetheundersignedin
the
executethesame;andthatsaidwitnessatthesametimesubscribed
his/her/theirname(s)asawitnessthereto
(addthecityorpoliticalsubdivisionandthestateorcountryorother
placetheacknowledgementwastaken).

Subordinate Mortgage

SECTION

BLOCK

LOT

COUNTY OR TOWN
Title No.______________________________

TO

RETURN BY MAIL TO:

DISTRIBUTED BY

Big Apple Abstract Corp.


42-40 Bell Boulevard, Bayside, New York 11361
718-428-6100 FAX: 718-428-2064