NY Real Prop L § 273 (2021)
2021 New York Laws RPP - Real Property 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  }