dliu1/legal-llama-raw-text huggingface dataset:
executors,  administrators,  successors  or assigns, which sale so to be
made shall forever be a perpetual bar both in law and equity against the
mortgagor, his heirs, successors and  assigns,  and  against  all  other
persons  claiming or to claim the premises, or any part thereof by, from
or under him, them or any of them.
4. Mortgagor to keep buildings  insured.  (a)  A  covenant  that  the
mortgagor  will  keep the buildings on the premises insured against loss
by fire for the benefit of  the  mortgagee;  that  he  will  assign  and
deliver  the  policies  to the mortgagee; and that he will reimburse the
mortgagee for any premiums paid for insurance made by the  mortgagee  on
the  mortgagor's default in so insuring the buildings or in so assigning
and delivering the policies, shall be construed  as  meaning  that  the
mortgagor,  his  heirs, successors and assigns will, during all the time
until the money  secured  by  the  mortgage  shall  be  fully  paid  and
satisfied,  keep  the  buildings erected on the premises insured against
loss or damage by fire, to an amount to be approved by the mortgagee not
exceeding in  the  aggregate  one  hundred  per  centum  of  their  full
insurable  value  and  in  a  company or companies to be approved by the
mortgagee, and will assign and deliver the policy or  policies  of  such
insurance to the mortgagee, his executors, administrators, successors or
assigns,  which  policy  or  policies  shall  have  endorsed thereon the
standard New York mortgagee clause in the name of the mortgagee, so  and
in  such  manner  and form that he and they shall at all time and times,
until the full payment of said moneys, have and hold the said policy  or
policies  as  a  collateral and further security for the payment of said
moneys, and in default of so doing, that the mortgagee or his executors,
administrators, successors or assigns, may make such insurance from year
to year, in an amount in the aggregate not  exceeding  one  hundred  per
centum  of  the  full  insurable  value of said buildings erected on the
mortgaged premises for the purposes aforesaid, and pay  the  premium  or
premiums therefor, and that the mortgagor will pay to the mortgagee, his
executors,  administrators,  successors  or  assigns,  such  premium  or
premiums so paid, with interest from the time of payment, on demand, and
that the same shall be deemed to be secured by the mortgage,  and  shall
be  collectible  thereupon  and  thereby in like manner as the principal
moneys, and that should  the  mortgagee  by  reason  of  such  insurance
against  loss  by  fire  receive  any sum or sums of money for damage by
fire, and should the mortgagee retain such insurance  money  instead  of
paying  it  over  to  the mortgagor, the mortgagee's right to retain the
same and his duty to apply it in payment of or on  account  of  the  sum
secured  by  the  mortgage  and in satisfaction or reduction of the lien
thereof shall be limited and qualified as hereafter  in  this  paragraph
provided.  Said  insurance  money  so received by the mortgagee shall be
held by him as trust funds until paid over  or  applied  as  hereinafter
provided.  If the mortgagor shall notify the mortgagee in writing within
thirty days after the fire that the mortgaged premises have been damaged
thereby, and shall thereafter make good the  damage  by  means  of  such
repairs,  restoration  or  rebuilding as may be necessary to restore the
buildings to their condition prior to the damage, then upon presentation
to the mortgagee within three years after the fire  of  proof  that  the
damage  has been fully made good (and if he so demands in writing within
thirty  days after such presentation of proof, then upon presentation to
the mortgagee within thirty days after such demand of proof also of  the
actual  cost  of  such  repairs,  restoration  and rebuilding and of the
reasonable value of any part of the work so performed by the  mortgagor)
the  mortgagee,  unless  he  rejects  the  proof  submitted  to  him  as
insufficient, shall pay over to the mortgagor so much of said  insurance
money  theretofore  received  by  the  mortgagee  as does not exceed the
lesser of (1) the reasonable  cost  of  such  repairs,  restoration  and
rebuilding  or  (2)  the  total  amount  actually  paid  therefor by the
mortgagor, together with the reasonable value of any part  of  the  work
done  by him. Such proof shall be deemed sufficient unless, within sixty
days after presentation of all such proof to the mortgagee as aforesaid,
he shall notify the mortgagor in writing that the proof is rejected. Any
excess of said insurance  money  over  the  amount  so  payable  to  the
mortgagor  shall  be  applied  in  reduction  of  the  principal  of the
mortgage. Provided, however, that if and so long  as  there  exists  any
default  by  the  mortgagor  in  the  performance of any of the terms or
provisions of the mortgage on his part to  be  performed  the  mortgagee
shall  not be obligated to pay over any of said insurance money received
by him. If the mortgagor shall fail to comply with any of the  foregoing
provisions  within  the time or times hereinabove limited, or shall fail
within sixty days after rejection of the proof so submitted to  commence
an  action  against  the  mortgagee to recover so much of said insurance
money as is payable to the mortgagor as hereinabove provided, or if  the
entire  principal of the mortgage shall have become payable by reason of
default or maturity, the mortgagee shall apply said insurance  money  in
satisfaction  or  reduction  of  the  principal of the mortgage; and any
excess of said insurance money over the amount required to  satisfy  the
mortgage  shall  be paid to the mortgagor. Unless the court, in any such
action, shall determine that the  mortgagee's  rejection  of  the  proof
submitted  by  the mortgagor prior to the commencement of the action was
unreasonable,  the  mortgagee  may  offset  the  reasonable  amount,  as
determined  by the court, of his expense incident to the litigation, and
may reimburse himself out of the  insurance  money  for  the  amount  so
determined. The term mortgage, as hereinabove used, shall be deemed to
include agreements extending or otherwise in any way modifying the terms
or  provisions  of  an  existing  mortgage.  The  term  mortgagor,  as
hereinabove used, shall mean  the  owner  for  the  time  being  of  the
mortgaged  fee  or  the  junior  mortgagee actually in possession of the
mortgaged property, or the tenant for the time being  in  possession  of
the   property  under  a  lease  which  has  been  mortgaged.  The  term
mortgagee, as  hereinabove  used,  shall  be  deemed  to  include  the
successors in interest of the mortgagee. In the event that there be more
than  one  mortgage  covering  the  same premises, such covenant must be
construed as hereinbefore prescribed in this paragraph, except that  the
mortgagor,  his  heirs,  successors  and  assigns,  notwithstanding such
foregoing provisions, may not be required to provide such insurance,  as
to  all  the  mortgagees  combined,  in  the preferential order of their
priority, for a total amount of more than one hundred per  cent  of  the
insurable  value  of  the  buildings  on  the  premises, and a second or
subordinate mortgagee shall be entitled to  exercise  the  rights  of  a
mortgagee  with  respect  to  the  procurement of such insurance and the
holding of the policy or policies thereof as hereinbefore prescribed  in
this  paragraph  only  when  and  to  the extent that the mortgagor, his
heirs, successors or assigns, as the case may be, does or do not furnish
satisfactory proof of such maximum insurance for  the  benefit  of  such
second  or subordinate mortgagee and one or more other mortgagees in the
preferential order of their priority in  a  company  or  companies  duly
authorized to do business in this state.
The   limitations   and  qualifications  hereinabove  imposed  on  the
mortgagee's right to retain proceeds of a fire  insurance  policy  shall
apply  only  to  mortgages  or extensions or other modifications thereof
made after the effective date of this act.
(b) A covenant that the mortgagor will  keep  the  buildings  on  the
premises insured against loss by flood if the premises are located in an
area  identified by the Secretary of Housing and Urban Development as an
area having special flood hazards and in which flood insurance has  been
made  available  under  the  National  Flood  Insurance  Act of nineteen
hundred sixty-eight; that he will assign and deliver the policies to the
mortgagee; and that he will reimburse the  mortgagee  for  any  premiums
paid  for  insurance made by the mortgagee on the mortgagor's default in
so insuring  the  buildings  or  in  so  assigning  and  delivering  the
policies,  shall be construed as meaning that the mortgagor, his heirs,
successors and assigns will, during all the time until the money secured
by the mortgage shall be fully paid and satisfied,  keep  the  buildings
erected on the premises insured against loss or damage by flood provided
the  premises  are  located  in  an  area identified by the Secretary of
Housing and Urban Development of the United States  as  an  area  having
special  flood  hazards  and in which flood insurance is available under
the National Flood Insurance Act of nineteen hundred sixty-eight, to  an
amount  at least equal to the outstanding principal balance of the money
secured by the mortgage or the maximum limit of coverage available  with
respect  to  the  buildings  under said Act, whichever is less, and in a
company or companies to be approved by the mortgagee and will assign and
deliver the policy or policies of such insurance to the  mortgagee,  his
executors,  administrators,  successors  or  assigns,  which  policy  or
policies shall have endorsed thereon the  standard  New  York  mortgagee
clause in the name of the mortgagee, so and in such manner and form that
he  and they shall at all time and times, until the full payment of said
money, have and hold the said policy or policies  as  a  collateral  and
further  security  for  the  payment of said money, and in default of so
doing, that the mortgagee or his executors,  administrators,  successors
or  assigns  may make such insurance from year to year, in the amount as
aforesaid, and pay the  premium  or  premiums  therefor,  and  that  the
mortgagor  will  pay  to  the  mortgagee, his executors, administrators,
successors or assigns, such premium or premiums so paid,  with  interest
from  the  time of payment, on demand, and that the same shall be deemed
to be secured by the mortgage, and shall be  collectible  thereupon  and
thereby  in  like  manner  as  the principal moneys, and that should the
mortgagee by reason of such insurance receive any sum or sums  of  money
for  damage  by flood, the provisions for retention, holding application
and payment of said insurance money shall be as set forth  in  paragraph
(a)  above  with  respect  to  loss  by  fire.  The  term mortgage, as
hereinabove used, shall be deemed to  include  agreements  extending  or
otherwise  in  any  way modifying the terms or provisions of an existing
mortgage. The term mortgagor, as  hereinabove  used,  shall  mean  the
owner  for  the  time being of the mortgaged fee or the junior mortgagee
actually in possession of the mortgaged property, or the tenant for  the
time  being  in  possession of the property under a lease which has been
mortgaged. The term mortgagee, as hereinabove used, shall be deemed to
include the successors in interest of the mortgagee. In the  event  that
there  be  more  than  one  mortgage  covering  the  same premises, such
covenant must be construed as hereinbefore prescribed in this  paragraph
except   that   the   mortgagor,  his  heirs,  successors  and  assigns,
notwithstanding such  foregoing  provisions,  may  not  be  required  to
provide  such  insurance,  as  to  all  the  mortgagees combined, in the
preferential  order  of  their priority, for a total amount greater than
the outstanding principal balance of the money secured by  the  mortgage
or the maximum limit of coverage available with respect to the premises,
whichever  is  less,  and  a  second  or  subordinate mortgagee shall be
entitled to exercise the rights of  a  mortgagee  with  respect  to  the
procurement  of such insurance and the holding of the policy or policies
thereof as hereinbefore prescribed in this paragraph only  when  and  to
the  extent that the mortgagor, his heirs, successors or assigns, as the
case may be, does or do not furnish satisfactory proof of  such  maximum
insurance  for  the  benefit of such second or subordinate mortgagee and
one or more other mortgagees in the preferential order of their priority
in a company or companies duly authorized to do business in this state.
The  limitations  and  qualifications  hereinabove  imposed   on   the
mortgagee's  right  to retain proceeds of a flood insurance policy shall
apply only to mortgages or extensions  or  other  modifications  thereof
4-a.  Mortgagor  to  maintain premises and all improvements thereon in
good condition or repair. (a) A covenant contained in a mortgage on real
property improved by a residence for four  families  or  more  that  the
mortgagor  will  maintain  the  premises and all improvements thereon in
good condition or repair  shall  be  construed  as  meaning  that  the
satisfied,  keep  the  premises  and  the  building or buildings erected
thereon in good  condition  and  repair  and  free  from  violations  of
applicable  municipal or state laws, codes or regulations concerning the
state of such condition andor repair. Upon a finding and  certification
by  any  such  government  or its agency of a violation of any such law,
code or regulation involving a serious danger to the health  and  safety
of  the occupants of such mortgaged premises and upon the service of one
copy thereof on the owner of record,  or  upon  the  appointment  of  an
administrator  pursuant  to article seven-A of the real property actions
and proceedings law, such mortgagee may declare the  entire  balance  of
the  principal  sum  secured by such mortgage, together with all accrued
interest, immediately due and payable upon the following conditions: the
mortgagee shall allow the mortgagor a reasonable opportunity to  correct
the  violation or, in the case of an administrator appointed pursuant to
article seven-A of the real property actions  and  proceedings  law,  to
have  such administrator removed; the mortgagee may commence foreclosure
proceedings upon failure of  the  mortgagor  to  make  such  corrections
within  the  time period mandated by local law, rule or code enforcement
agency, provided, however, no such  action  shall  be  commenced  within
thirty  days of the expiration of the period, if any, specified by local
law, rule or  code  enforcement  regulation,  or,  in  the  case  of  an
administrator appointed pursuant to article seven-A of the real property
actions  and  proceedings  law,  the  mortgagee may commence foreclosure
proceedings no earlier than sixty days after  the  appointment  of  such
(b)  Should any such mortgagee commence a foreclosure proceeding based
upon such violation and not complete the same because such violation had
been cured, the mortgagee shall be entitled to  recover  all  reasonable
attorney's  fees  and  disbursements  incurred  in  the bringing of such
(c) Notwithstanding the provisions of this section, the mortgagee  and
the mortgagor shall retain all existing interest and rights.
5. Mortgagor to warrant title. A covenant that the mortgagor warrants
the  title  to  the  premises,  must  be  construed as meaning that the
mortgagor warrants that he has good title to said  premises  and  has  a
right  to  mortgage the same and that the mortgagor shall and will make,
execute, acknowledge and deliver in due form of law, all such further or
other  deeds  or  assurances  as may at any time hereafter be reasonably
desired or required for the more fully  and  effectually  conveying  the
premises  by  the mortgage described, and thereby granted or intended so
to  be,  unto  the  said  mortgagee,  his   executors,   administrators,
successors or assigns, for the purpose aforesaid, and unto all and every
person  or  persons,  corporation  or corporations, deriving any estate,
right, title or interest therein, under the said indenture of  mortgage,
or  the  power  of sale therein contained, and the said granted premises
against the said mortgagor, and all persons claiming  through  him  will
warrant and defend.
6.  Mortgagor to pay all taxes, assessments or water rates. A covenant
that the mortgagor will pay all taxes, assessments or water  rates  and
in default thereof, the mortgagee may pay the same must be construed as
meaning that until the amount hereby secured is paid, the mortgagor will
pay  all  taxes,  assessments  and  water rates which may be assessed or
become liens on said premises, and in default thereof the holder of this
mortgage may pay the same, and the mortgagor will repay  the  same  with
interest,  and  the  same shall be liens on said premises and secured by
the mortgage.
7.  Statement  of  amount  due.  A  covenant   that   the   mortgagor
within ......   days  upon  request in person or within ...... days upon
request by mail will furnish a written statement  duly  acknowledged  of
the  amount  due  on  this  mortgage and whether any offsets or defenses
exist against the mortgage debt must be construed as meaning  that  the
mortgagor,  and  any  subsequent  owner of the premises described herein
upon request, made either personally or by mail,  shall  certify,  by  a
writing  duly acknowledged, to the mortgagee or to any proposed assignee
of this mortgage, the amount of principal and  interest  then  owing  on
this  mortgage  and  whether  any  offsets or defenses exist against the
mortgage debt within ..... days in case the request is made  personally,
or  within ...... days  after  the  mailing  of such request in case the
request is made by mail.
8. Notice and demand. A covenant that notice and  demand  or  request
may  be  made in writing and may be served in person or by mail must be
construed as meaning that every  provision  for  notice  and  demand  or
request  shall  be  deemed  fulfilled  by  written  notice and demand or
request personally served on one or more of the persons who shall at the
time hold the record title  to  the  premises,  or  on  their  heirs  or
successors,  or  mailed  by  depositing it in any post-office station or
letter-box, enclosed in a post-paid envelope addressed to such person or
persons, or their heirs or successors, at his, their or its  address  to
the mortgagee last known.
9.  Power of attorney to assignee. The word assign or other words of
assignment, when contained in an assignment of a mortgage  and  bond  or
mortgage and note, must be construed as having included in their meaning
that the assignor does thereby make, constitute and appoint the assignee
the  true and lawful attorney, irrevocable, of the assignor, in the name
of the assignor, or otherwise, but at the proper costs  and  charges  of
the  assignee,  to  have, use and take all lawful ways and means for the
recovery of the money and interest secured by the said mortgage and bond
or mortgage and note, and in case of payment to discharge  the  same  as
fully as the assignor might or could do if the assignment were not made.
10.  Mortgagee  entitled  to appointment of receiver. A covenant that
the holder of this mortgage, in any action to  foreclose  it,  shall  be
entitled to the appointment of a receiver, must be construed as meaning
that  the  mortgagee, his heirs, successors or assigns, in any action to
foreclose  the  mortgage,  shall be entitled, without notice and without
regard to adequacy of any security of the debt, to the appointment of  a
receiver  of  the  rents  and  profits  of  the  premises covered by the
mortgage; and the rents and profits in  the  event  of  any  default  or
defaults   in  paying  the  principal,  interest,  taxes,  water  rents,
assessments or premiums of insurance, are assigned to the holder of  the
mortgage as further security for the payment of the indebtedness.
§ 254-a. Right of election of mortgagee in certain cases. If a bond or
note,  or the mortgage on real property, improved by a one to six family
residence occupied by the owner, securing the payment of same,  contains
(1)  a  provision  whereby the mortgagee retains the right to accelerate
the due date for payment of the balance of principal upon a transfer  or
sale  of  such  real  property  or  by  alienation of title of such real
property due to an act or operation of law,  and  (2)  a  provision  for
payment  of  any  charge,  however  denominated,  in  the  nature  of  a
prepayment fee and if a mortgagor sells or transfers his property or  if
title  to  the  mortgaged property is transferred by act or operation of
law and the purchaser requests permission to assume the mortgage or take
the mortgaged premises subject to the mortgage, but the  mortgagee  does
not  consent  to such request and thereby necessitates prepayment of the
mortgage, the mortgagee shall  not  levy  a  prepayment  fee;  provided,
however,  that  the  provisions  of  this section shall not apply to the
extent  such  provisions  are  inconsistent  with  any  federal  law  or
§  254-b.  Limitation  on  late  charges. 1. If a bond or note, or the
mortgage on real property, heretofore or hereafter made, improved  by  a
one  to six family residence occupied by the owner, securing the payment
of same, or a note representing a loan for the purpose of financing  the
purchase  of  an  ownership  interest  in, and proprietary lease from, a
corporation or partnership formed for the  purpose  of  the  cooperative
ownership  of  residential real estate, contains a provision whereby the
mortgagee or lender retains the right to collect a late  charge  on  any
instalment  which  has become due and remains unpaid, such charge on any
such delinquent instalment, regardless  of  the  period  it  remains  in
default,  shall  not  exceed and shall only be enforced to the extent of
two percent of such delinquent instalment; provided,  however,  that  no
charge shall be imposed on any instalment paid within fifteen days after
the  due  date.  No  such late charge shall be deducted from any regular
instalment payment by the mortgagor or borrower, but shall be separately
charged and collected by the mortgagee or lender. In the  absence  of  a
specific  provision  in  a  bond, note or mortgage no late charge on any
delinquent  instalment  shall  be  assessed  or  collected.   The   term
instalment  shall  include amounts representing interest, amortization
of principal and payments in respect of insurance  premiums,  taxes  and
utility  charges  if  the bond, note or mortgage provides for collection
thereof by the mortgagee.
2. The provisions in this section shall  not  apply  to  any  loan  or
forbearance  insured  by the federal housing commissioner or for which a
commitment to insure has been made by the federal  housing  commissioner
or  to  any  loan  or  forbearance insured or guaranteed pursuant to the
provisions of an act of congress entitled Servicemen's Readjustment Act
of  1944,  or  to  the  extent  the  provisions  of  this  section  are
inconsistent with any other federal law or regulation.
3.  If  any  provision  of  this  section,  or the application of such
provision to any  individual,  company,  corporation,  or  circumstance,
shall   be  held  invalid,  the  remainder  of  this  section,  and  the
application of such section to individuals, companies, corporations,  or
circumstances other than those to which it is held invalid, shall not be
affected thereby.
§  254-c.    Right  to a copy of real property appraisals and consumer
reports in certain cases. 1. Any lender who requires an applicant for  a
loan  or forbearance, which is to be secured primarily by an interest in
real property, to bear the cost of either an appraisal of said  property
or  the cost of obtaining a consumer report subject to the provisions of
article twenty-five of the general business law as a  condition  to  the