N.Y. RPP Law § 273 — New York Code / Act RPP / Article 8 / Section 273
What form of mortgage on lease of real property
Status: in_force

§ 273. What form of mortgage on lease of real property. The use of the\nfollowing form of instrument for mortgages on leases of real property is\nlawful, but this section does not prevent or invalidate the use of other\nforms.\n                               SCHEDULE D.\n                   MORTGAGE ON LEASE OF REAL PROPERTY.\nThis indenture, made the ....... day of ........, in the year one\nthousand ....... hundred and .........., between ............. of\n(insert residence) of the first part and ........... of (insert\nresidence) of the second part; whereas ........... did, by a certain\nindenture of lease, bearing date the ....... day of ........, in the\nyear one thousand nine hundred and .........., demise, lease and to farm\nlet unto ............ and to ............ executors, administrators and\nassigns, all and singular the premises hereinafter mentioned and\ndescribed, together with their appurtenances; to have and to hold the\nsame unto the said ........... and to ........... executors,\nadministrators and assigns, for and during and until the full end and\nterm of ....... years, from the ....... day of ........, one thousand\nnine hundred and ........, fully to be complete and ended, yielding and\npaying therefor unto the said ....... and to ....... or assigns, the\nyearly rent or sum of ............... .\n  And whereas, the said part ....... of the first part justly indebted\nto the said part ....... of the second part, in the sum of .......\nlawful money of the United States of America, secured to be paid by\n........  certain bond or obligation, bearing even date herewith,\nconditioned for the payment of the said sum of ....... on the .......\nday of ........, nineteen hundred and ....... and the interest thereon\nto be computed from ....... at the rate of ....... per centum per annum\nand to be paid ...... .\n  It being thereby expressly agreed that the whole of the said principal\nsum shall become due at the option of the mortgagee or obligee after\ndefault in the payment of interest, taxes or assessments or rents as\nhereinafter provided.\n  Now this indenture witnesseth that the said part ....... of the first\npart, for the better securing the payment of the said sum of money\nmentioned in the condition of the said bond or obligation, with interest\nthereon, and also for and in consideration of the sum of one dollar,\npaid by the said part ....... of the second part, the receipt whereof is\nhereby acknowledged, doth grant and release, assign, transfer and set\nover unto said part ....... of the second part, and to his heirs (or\nsuccessors) and assigns forever.\n                             (Description.)\n  Together with the appurtenances and all the estate and rights of the\npart ........ of the first part of, in and to said premises under and by\nvirtue of the aforesaid indenture of lease.\n  To have and hold the said indenture of lease and renewal, and the\nabove granted premises, unto the said part ....... of the second part,\nhis heirs and assigns, for and during all the rest, residue and\nremainder of the said term of years yet to come and unexpired, in said\nindenture of lease and in the renewals therein provided for; subject,\nnevertheless, to the rents, covenants, conditions and provisions in the\nsaid indenture of lease mentioned.\n  Provided always that if the said part ....... of the first part shall\npay unto the said part ....... of the second part, the said sum of money\nmentioned in the condition of the said bond or obligation, and the\ninterest thereon, at the time and in the manner mentioned in the said\ncondition, that then these presents and the estate hereby granted, shall\ncease, determine and be void.\n  And the said part ....... of the first part covenant ....... with the\nsaid part ....... of the second part as follows:\n  First. That the part ....... of the first part will pay the\nindebtedness as hereinbefore provided.\n  And if default shall be made in the payment of any part thereof the\nsaid part ....... of the second part shall have power to sell the\npremises therein described according to law.\n  Second. That the said premises now are free and clear of all\nincumbrances whatsoever, and that ....... ha ....... good right and\nlawful authority to convey the same in manner and form hereby conveyed.\n  Third. That the part ....... of the first part will keep the buildings\non the said premises insured against loss by fire, for the benefit of\nthe mortgagee.\n  Fourth. That the part ....... of the first part will pay the rents and\nother charges mentioned in and made payable by said indenture of lease\nwithin ....... days after said rent or charges are payable.\n  Fifth. And it is hereby expressly agreed that the whole of the said\nprincipal sum shall become due at the option of the said mortgagee or\nobligee after default in the payment of any instalment of principal, or\nafter default in the payment of interest for ....... days, or after\ndefault in the payment of any rent or other charge made payable by said\nindenture of lease for ....... days, or after default in the payment of\nany tax or assessment for ....... days after notice and demand.\n  In witness whereof, the said part ....... of the first part to these\npresents ha ....... hereunto set ....... hand ....... and seal .......\nthe day and year first above written.\nSealed and delivered }\n in the presence of  }\n