2023 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  }