PROVIDE THE MORTGAGOR WITH THE STATEMENT REQUIRED BY SECTION 274‐A OF
THE NEW YORK REAL PROPERTY LAW.
SECTION 15.07
SECTION 291‐F OF NEW YORK REAL PROPERTY LAW.
THIS MORTGAGE IS
INTENDED TO BE, AND SHALL OPERATE AS, THE AGREEMENT DESCRIBED IN SECTION 291‐F
OF THE NEW YORK REAL PROPERTY LAW AND SHALL BE ENTITLED TO THE BENEFITS AFFORDED
THEREBY.
MORTGAGOR HEREBY COVENANTS AND AGREES THAT MORTGAGOR SHALL NOT,
WITHOUT THE CONSENT OF MORTGAGEE, (I) ACCEPT ANY SURRENDER, OR AMEND, MODIFY OR
WAIVE THE PROVISIONS, OF ANY LEASE OR TERMINATE, REDUCE RENTS UNDER OR SHORTEN
THE TERM OF ANY LEASE, EXCEPT PURSUANT TO AND IN ACCORDANCE WITH THE PROVISIONS
OF THE LOAN AGREEMENT, OR (II) COLLECT ANY RENTS (EXCLUSIVE OF SECURITY
DEPOSITS) MORE THAN THIRTY (30) DAYS IN ADVANCE OF THE TIME WHEN THE SAME SHALL
BECOME DUE.
MORTGAGOR SHALL (UNLESS SUCH NOTICE IS CONTAINED IN SUCH TENANT'S
LEASE) DELIVER NOTICE OF THIS MORTGAGE IN FORM AND SUBSTANCE REASONABLY
ACCEPTABLE TO MORTGAGEE, TO ALL PRESENT AND FUTURE HOLDERS OF ANY INTEREST IN
ANY LEASE, BY ASSIGNMENT OR OTHERWISE, AND SHALL TAKE SUCH OTHER ACTION AS MAY
NOW OR HEREAFTER BE REASONABLY REQUIRED TO AFFORD MORTGAGEE THE FULL PROTECTIONS
AND BENEFITS OF SECTION 291‐F.
SECTION 15.08
SECTIONS 254, 271, 272 AND 291‐F OF NEW YORK REAL PROPERTY
LAW.
ALL COVENANTS OF MORTGAGOR HEREIN CONTAINED SHALL BE CONSTRUED AS
AFFORDING TO MORTGAGEE RIGHTS ADDITIONAL TO AND NOT EXCLUSIVE OF THE RIGHTS
CONFERRED UNDER THE PROVISIONS OF SECTIONS, 254, 271, 272 AND 291‐F OF THE NEW
YORK REAL PROPERTY LAW.
SECTION 15.09
REAL PROPERTY LAW.
IN THE EVENT OF ANY CONFLICT, INCONSISTENCY
OR AMBIGUITY BETWEEN THE PROVISIONS OF SECTION 3.02 HEREOF AND THE PROVISIONS OF
SUBSECTION 4 OF SECTION 254 OF THE REAL PROPERTY LAW OF NEW YORK COVERING THE
INSURANCE OF BUILDINGS AGAINST LOSS BY FIRE, THE PROVISIONS OF SECTION 3.02
SHALL CONTROL.
SECTION 15.10
RPAPL.
IF AN EVENT OF DEFAULT SHALL OCCUR AND BE CONTINUING,
MORTGAGEE MAY ELECT, WITH OR WITHOUT ENTRY OR TAKING POSSESSION OF THE PROPERTY
AS PROVIDED IN THIS MORTGAGE OR OTHERWISE, PERSONALLY OR BY ITS AGENTS OR
ATTORNEYS, AND WITHOUT PREJUDICE TO THE RIGHT TO BRING AN ACTION FOR FORECLOSURE
OF THIS MORTGAGE, TO SELL (AND, IN THE CASE OF ANY DEFAULT OF ANY PURCHASER,
RESELL) THE PROPERTY OR ANY PART THEREOF PURSUANT TO ANY PROCEDURES PROVIDED BY
APPLICABLE LAW, INCLUDING, WITHOUT LIMITATION, EXERCISE OF THE POWER OF
FORECLOSURE GRANTED TO MORTGAGEE BY ARTICLE 13 OF THE NEW YORK REAL PROPERTY
ACTIONS AND PROCEEDINGS LAW (THE "RPAPL").
IN SUCH CASE, MORTGAGEE MAY COMMENCE
A CIVIL ACTION TO FORECLOSE THIS MORTGAGE PURSUANT TO ARTICLE 13 OF THE RPAPL TO
SATISFY THE DEBT AND ALL OTHER AMOUNTS SECURED HEREBY OR EXERCISE ANY OTHER
RIGHT AND/OR REMEDY PROVIDED UNDER APPLICABLE LAW.
SECTION 15.11
REDUCTION OR INCREASE OF THE MORTGAGE INDEBTEDNESS.
THE
PORTION OF THE DEBT SECURED BY THIS MORTGAGE SHALL BE REDUCED ONLY BY THE LAST
AND FINAL SUMS THAT MORTGAGOR REPAYS WITH RESPECT TO THE LOAN AND SHALL NOT BE