Mortgage Security Agreement And Assignment Of Leases And Rents

MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS (1999) This form was prepared by the Committee on Real Property Law of the Association of the Bar of the City of New York. To view a commentary on this form, including instructions for its use, visit the Real Estate Law page at www.abcny.org. MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF LEASES AND RENTS Made By: _________________________, as Mortgagor To: ______________________________, as Mortgagee Dated: Location: Block: Lot: Street Address: RECORD AND RETURN TO: American LegalNet, Inc. www.FormsWorkflow.com Table of Contents Page MORTGAGE OF THE MORTGAGED PROPERTY ................................................. 1 COVENANTS, AGREEMENTS, REPRESENTATIONS AND WARRANTIES...... 4 1. Payment of Debt...................................................................................................... 4 2. Warranty of Title..................................................................................................... 4 3. Insurance. ................................................................................................................ 5 4. Payment of Taxes, etc. ............................................................................................ 7 5. Escrow Fund............................................................................................................ 7 6. Permitted Contests................................................................................................... 7 7. Condemnation. ........................................................................................................ 8 8. Assignment of Leases and Rents............................................................................. 9 9. Maintenance of the Mortgaged Property............................................................... 10 10. Environmental Provisions. .................................................................................... 11 11. Estoppel Certificates. ............................................................................................ 14 12. Transfer or Encumbrance of the Mortgaged Property. ......................................... 14 13. Notice. ................................................................................................................... 15 14. Sale of Mortgaged Property. ................................................................................. 16 15. Changes in Laws Regarding Taxation. ................................................................. 16 16. No Credits on Account of the Debt....................................................................... 16 17. Offsets, Counterclaims and Defenses.................................................................... 16 18. Other Security for the Debt. .................................................................................. 17 19. Documentary Stamps. ........................................................................................... 17 20. Right of Entry........................................................................................................ 17 21. Books and Records................................................................................................ 17 22. Performance of Other Agreements........................................................................ 18 23. Events of Default................................................................................................... 18 24. Right to Cure Defaults........................................................................................... 21 25. Appointment of Receiver. ..................................................................................... 22 26. Non-Waiver........................................................................................................... 22 27. Liability. ................................................................................................................ 23 28. Choice of Law/Construction. ................................................................................ 23 29. Security Agreement............................................................................................... 23 30. Splitting of Lien. ................................................................................................... 24 31. Further Acts, etc. ................................................................................................... 25 32. Headings, etc. ........................................................................................................ 25 33. Filing of Mortgage, etc.......................................................................................... 25 34. Usury Laws. .......................................................................................................... 26 35. Sole Discretion of Mortgagee. .............................................................................. 26 36. Reasonableness...................................................................................................... 26 -iAmerican LegalNet, Inc. www.FormsWorkflow.com 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 52. 53. 54. 55. 56. 57. Recovery of Sums Required To Be Paid............................................................... 26 Actions and Proceedings. ...................................................................................... 27 Duplicate Originals. .............................................................................................. 27 Certain Definitions. ............................................................................................... 27 Waiver of Notice. .................................................................................................. 27 No Oral Change..................................................................................................... 28 Absolute and Unconditional Obligation................................................................ 28 Trust Fund. ............................................................................................................ 29 Non-Residential Property...................................................................................... 29 Foreclosure by Power of Sale................................................................................ 29 Waiver of Trial by Jury. ........................................................................................ 29 Waiver of Statut