Fillable Printable Affidavit Under Section 255 of the Tax Law

Affidavit Under Section 255 of the Tax Law

AFFIDAVIT

(Under Section 255 of the Tax Law)

State of ____________ }

County of __________ _ }ss:

____________________ , being duly sworn, deposes and says:

1. I am the Managing Mem ber of _______________ , a New York Limited Liabili ty Company,

which is the owner (the "Owner") of that certain Wraparound Mortgage date d __________ __ (the

"Wrap Mortgage") in the principal sum of $ _______________ executed by Own er encumbering

the premises commonly known a s , ____________ , New York, recorded on _________ , ______

in the office of the Register/County Clerk of the County of __________ in Reel/Li ber ______ at

page _______ , which Wrap Mortgage was, and still is, subject to the "Prior Mortg age" as

hereafter defined. At the time of the recording of the Wrap Mortgage, Section 255 Affidavits were

duly filed and mortgage tax was paid in the amount of $ _______ _____ .

2. There is an existing mortgage dated _____________ , ______ made by _____________ to the

_______________ (the "Prior Mortgage") in the original principal sum of $ _____ ___ record ed on

____________ , in the office of the Register/Clerk's of _______ County in Reel/Liber ______ at page

______ , upon which a mortgage tax of $ ____ ______ wa s paid.

3. The Prior Mortgage was assigned by ____________ to ___________ ("Assignee Bank") by

Assignment intende d to be recorded in the office of the Regi ster/Clerk of _ ______ County

immediately prior to the recording of the Modification and Extensio n Agreement referred to in the

next paragraph.

4. On ____________, _______, Owner and the Assignee Bank entered into a certain Extension and

Modification Agreement which modified and extended the terms of the Prior Mortgage. The

principal am ount of the Prior Mortgage in the sum of $ ____ ______ remains un paid.

5. Assignee Bank has this date refinanced the Prior Mortga ge by lending $ _______, which

amount is eviden ced by a note and se cured in part by a, mortgage in the sum of $ _________

("New Mortgage").

6. A Consolidation and Extension Agreement dated this date which Con soli dation and Extension

Agreement, submitted for recording herewith, consolid ates the lien of the Prior Mortgage and the

New Mortgag e to form a single consolidated lien in th e sum of $ _________ (the "Underlying

Mortgage").

7. That as further additional security for the payment of the debt secured by the Underlying

Mortgage, Owner has exe cuted a nd delivered to Assignee Ban k a n Assig nment of Lessor's

Interest in Lease (the "Assignment of Le ases"), which Assignment of Leases is also being

submitted for recording. The Assignment of Leases is made for the purposed of further securing

the debt secured by the Underlying Mortgage and does not create or se cure a new or further

indebtedness or obligation.

8. The refinancing of the Prior Mortgage, (provided for by the terms of the Wrap Mortgage), and

the increase by $ _________ in the amount secured by the Underlyi ng Mortgage doe s not

evidence or create a new or furthe r indebtedness or obligation, but rather reduces the equity o f

______________, the holder of the Wrap Mortga ge, whi ch re mains fully liable for the payment of

the debt service under the Underlying Mortgage. The increase in th e amount secured by the

Underlying M ortgage does not exceed the amount of principal indebtedness secu red by the Wrap

Mortgage in ex cess of the amount secured by the Prior Mortgage.

9. There have been no re-loans or re-advances under the Wrap Mortgage.

WHEREFORE, Deponent respectfully requests that the Ne w Mortgage, Consolidation and

Extension, and the Assignment of Lease be accepte d for recordin g and declared exempt from the

payment of mortgage recording taxes pursu ant to Section 255 of the Tax Law of the State of New

York.

_________________________

Sworn to before me this

_____ day of _____________, 200___

_______________________