N.Y. Real Property Law § 273: What form of mortgage on lease of real property

§ 273. What form of mortgage on lease of real property. The use of the

following form of instrument for mortgages on leases of real property is

lawful, but this section does not prevent or invalidate the use of other

forms.

SCHEDULE D.

MORTGAGE ON LEASE OF REAL PROPERTY.

This indenture, made the ....... day of ........, in the year one

thousand ....... hundred and .........., between ............. of

(insert residence) of the first part and ........... of (insert

residence) of the second part; whereas ........... did, by a certain

indenture of lease, bearing date the ....... day of ........, in the

year one thousand nine hundred and .........., demise, lease and to farm

let unto ............ and to ............ executors, administrators and

assigns, all and singular the premises hereinafter mentioned and

described, together with their appurtenances; to have and to hold the

same unto the said ........... and to ........... executors,

administrators and assigns, for and during and until the full end and

term of ....... years, from the ....... day of ........, one thousand

nine hundred and ........, fully to be complete and ended, yielding and

paying therefor unto the said ....... and to ....... or assigns, the

yearly rent or sum of ............... .

And whereas, the said part ....... of the first part justly indebted

to the said part ....... of the second part, in the sum of .......

lawful money of the United States of America, secured to be paid by

........ certain bond or obligation, bearing even date herewith,

conditioned for the payment of the said sum of ....... on the .......

day of ........, nineteen hundred and ....... and the interest thereon

to be computed from ....... at the rate of ....... per centum per annum

and to be paid ...... .

It being thereby expressly agreed that the whole of the said principal

sum shall become due at the option of the mortgagee or obligee after

default in the payment of interest, taxes or assessments or rents as

hereinafter provided.

Now this indenture witnesseth that the said part ....... of the first

part, for the better securing the payment of the said sum of money

mentioned in the condition of the said bond or obligation, with interest

thereon, and also for and in consideration of the sum of one dollar,

paid by the said part ....... of the second part, the receipt whereof is

hereby acknowledged, doth grant and release, assign, transfer and set

over unto said part ....... of the second part, and to his heirs (or

successors) and assigns forever.

(Description.)

Together with the appurtenances and all the estate and rights of the

part ........ of the first part of, in and to said premises under and by

virtue of the aforesaid indenture of lease.

To have and hold the said indenture of lease and renewal, and the

above granted premises, unto the said part ....... of the second part,

his heirs and assigns, for and during all the rest, residue and

remainder of the said term of years yet to come and unexpired, in said

indenture of lease and in the renewals therein provided for; subject,

nevertheless, to the rents, covenants, conditions and provisions in the

said indenture of lease mentioned.

Provided always that if the said part ....... of the first part shall

pay unto the said part ....... of the second part, the said sum of money

mentioned in the condition of the said bond or obligation, and the

interest thereon, at the time and in the manner mentioned in the said

condition, that then these presents and the estate hereby granted, shall

cease, determine and be void.

And the said part ....... of the first part covenant ....... with the

said part ....... of the second part as follows:

First. That the part ....... of the first part will pay the

indebtedness as hereinbefore provided.

And if default shall be made in the payment of any part thereof the

said part ....... of the second part shall have power to sell the

premises therein described according to law.

Second. That the said premises now are free and clear of all

incumbrances whatsoever, and that ....... ha ....... good right and

lawful authority to convey the same in manner and form hereby conveyed.

Third. That the part ....... of the first part will keep the buildings

on the said premises insured against loss by fire, for the benefit of

the mortgagee.

Fourth. That the part ....... of the first part will pay the rents and

other charges mentioned in and made payable by said indenture of lease

within ....... days after said rent or charges are payable.

Fifth. And it is hereby expressly agreed that the whole of the said

principal sum shall become due at the option of the said mortgagee or

obligee after default in the payment of any instalment of principal, or

after default in the payment of interest for ....... days, or after

default in the payment of any rent or other charge made payable by said

indenture of lease for ....... days, or after default in the payment of

any tax or assessment for ....... days after notice and demand.

In witness whereof, the said part ....... of the first part to these

presents ha ....... hereunto set ....... hand ....... and seal .......

the day and year first above written.

Sealed and delivered }

in the presence of }