New York Laws
Article 8 - Conveyances and Mortgages
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 }

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