Fillable Printable Building Loan Mortgage
Fillable Printable Building Loan Mortgage
Building Loan Mortgage
— Building Loan Mortgage – Individual or Corporation Revised 1/97
CONSULT YOUR LAWYER BEFORE SIGNING THIS INSTRUMENT—THIS INSTRUMENT SH OULD BE USED BY LAWYERS ONLY.
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THIS MORTGAGE, made the day of , in the year
BETWEEN
, the mortgagor,
and
, the mortgagee,
WITNESSETH, that to secure the payment of an indebtedness in the sum of
dollars,
lawful money of the United States or so much thereof as may be advanced, to be paid
with interest thereon to be computed from the date of each advance, at the rate of per
centum per annum, and to be paid on the day of in the year ,
next ensuing and
thereafter,
according to a certain bond,
note or obligation bearing even date herewith, the mortgagor hereby mortgages to the mortgagee
ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and
being in the
TOGETHER
with all right, title and interest of th e mortgagor in and to th e land lying in the streets and ro ads in front
of and adjoining said premises;
TOGETHER with all fixtures, chattels and articles of personal property now or hereafter attached to or used in
connection with said premises, including but not limited to furnaces, boilers, oil burners, radiators and piping, coal
stokers, plumbing and bathroom fixtures, refrigeration, air conditioning and sprinkler systems, wash-tubs, sinks, gas and
electric fixtures, stoves, ranges, awnings, screens, window shades, elevators, motors, dynamos, refrigerators, kitchen
cabinets, incinerators, plants an d shrubbery and all o ther equipment and machinery, appliances, fittings, and fixtures of
every kind in or used in the operation of the buildings standing on said premises, together with any and all replacements
thereof and additions thereto;
TOGETHER with all awards heretofore and hereafter made to the mortgagor for taking by eminent domain the whole
or any part of said premises or any easement therein, including any awards for changes of grade of streets, which said
awards are hereby assigned to the mortgagee, who is hereby authorized to collect and receive the proceeds of such
awards and to give proper receipts and acquittances therefor, and to apply the same toward the payment of the mortgage
debt, notwithstanding the fact that the amount owing thereon may not then be due and payable; and the said mortgagor
hereby agrees, upon request, to make, execute and deliver any and all assignments and other instruments sufficient for
the purpose of assigning said awards to the mortgagee, free, clear and discharged of any encumbrances of any kind or
nature whatsoever.
AND the mortgagor covenants with the mortgagee as follows:
1. That the mortgagor will pay the indebtedness as hereinbefore provided.
2. That the mortgagor will keep the buildings on the premises insured (i) against loss by fire for the benefit of the
mortgagee, (ii) 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.
3. That no building on the premises shall be altered, removed or demolished without the consent of the mortgagee.
4. That the whole of said prin cipal sum and interest shall become due at the option of the mortgagee: after default in
the payment of any instalment of principal or of interest for fifteen days; or after default in the payment of any tax,
water rate, sewer rent or assessment for thirty days after notice and demand; or after default after notice and demand
either in assigning and d eliverin g the po licies insuring the build ings again st loss b y fire or in reimbursing the mortgagee
for premiums paid on such insurance, as hereinbefore provided; or after default upon request in furnishing a statement
of the amount due on the mortgage and whether any offsets or defenses exist against the mortgage debt, as hereinafter
provided. An assessment which has been made payable in instalments at the application of the mortgagor or lessee of
the premises shall nevertheless, for the purpose of this paragraph, be deemed due and payable in its entirety on the day
the first instalment becomes due or payable or a lien.
5. That the holder of this mortgage, in an y action to foreclose it, shall be entitled to the appointment of a receiver.
6. That the mortgagor will pay all taxes, assessmen ts, sewer rents or water rates, and in default thereof, the mortgagee
may pay the same.
7. That the mortgagor within five days upo n request in person or within ten days u pon 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.
8. That notice and demand or request may be in writing and may be served in person or by mail.
9. That the mortgagor warrants the title to the premises.
10. That the fire insurance policies required by paragraph No. 2 above shall contain the usual extended coverage
endorsement; that in addition th ereto the mortgagor, within thirty days after notice and demand, will keep th e premises
insured against war risk and any other hazard that may reasonably be required by the mortgagee. All of the provisions
of paragraphs No. 2 and No. 4 above relating to fire insurance and the provisions of Section 254 of the Real Property
Law construing the same shall apply to the additional insurance required by this paragraph.
11. That in case of a foreclosure sale, said premises, or so much thereof as may be affected by this mortgage, may be
sold in one parcel,
12. That if any action or proceeding be commenced (except an action to foreclose this mortgage or to collect the debt
secured thereby), to which action or proceeding the mortgagee is made a party, or in which it becomes necessary to
defend or uphold th e lien of this mortgage , all sums paid by the mortgagee for the exp ense of any litigatio n to prosecute
or defend the rights and lien created by this mortgage (including reasonable counsel fees), shall be paid by the
mortgagor, together with interest thereon at the rate of six per cent. per annum, and any such sum and the interest
thereon shall be a lien on said premises, prior to any right, or title to in terest in or clai m upon said pr emises attaching or
accruing subsequent to the lien of this mortgage, and shall be deemed to be secured by this mortgage. In any action or
proceeding to foreclose this mortgage, or to recover or collect the debt secured thereby, the provisions of law respecting
the recovering of costs, disbursements and allowances shall prevail unaffected by this covenant.
13. That the mortgagor hereby assigns to the mortgagee the rents, issues and profits of the premises as further security
for the payment of said indebtedness, and the mortgagor grants to the mortgagee the right to enter upon and to take
possession of the premises for the purpose of collecting the same and to let the premises or any part thereof, and to
apply the rents, issues and profits, after payment of all necessary charges and expenses, on account of said indebtedness.
This assignment and grant shall con tinue in effect until this mortgage is paid. The mortgagee hereby waives the righ t to
enter upon and to take possession of said premises for the purpose of collecting said rents, issues and profits, and the
mortgagor shall be entitled to collect and receive said rents, issues and profits until default under any of the covenants,
conditions or agreements contained in this mortgage, and agrees to use such rents, issues and profits in payment of
principal and interest becoming due on this mortgage and in payment of taxes, assessments, sewer rents, water rates and
carrying charges becoming due against said premises, but such right of the mortgagor may be revoked by the mortgagee
upon any default, on five days’ written notice. The mortgagor will not, without the written consent of the mortgagee,
receive or collect rent from any tenant of said premises or any part thereof for a period of more than one month in
advance, and in the event of any default under this mortgage will pay monthly in advance to the mortgagee, or to any
receiver appointed to collect said rents, issues and profits, the fair and reasonable rental value for the use and
occupation of said premises or of such part thereof as may be in the possession of the mortgagor, and upon default in
any such payment will vacate and surrender the possession of said premises to the mortgagee or to such receiver, and in
default thereof may be evicted by summary proceedings.
14. That the whole of said principal sum and the interest shall become due at the option of the mortgagee: (a) after
failure to exhibit to the mortgagee, within ten days after demand, receipts showing payment of all taxes, water rates,
sewer rents and assessments; or (b) after the actual or threatened alteration, demolition or removal of any building on
the premises without the written consent of the mortgagee; or (c) after the assignment of the rents of the premises or any
part thereof without the written consen t of the mortgagee; or (d) if the buildings on said premises are not maintained in
reasonably good repair; or (e) after failure to comply with any requirement or order or notice of violation of law or
ordinance issued by any governmental department claiming jurisdiction over the premises within three months from the
issuance thereof; or (f) if on application of the mortgagee two or mor e fire in sur ance companies lawf ully d oing bu siness
in the State of New York refuse to issue policies insuring the buildings on the premises; or (g) in the event of the
removal, demolition or destruction in whole or in part of any of the fixtures, chattels or articles of personal property
covered hereby, unless the same are promptly replaced by similar fixtures, chattels and articles of personal property at
least equal in quality and condition to those replaced, free from chattel mortgages or other encumbrances thereon and
free from any reservation of title thereto; or (h) after thirty days’ notice to the mortgagor, in the even t of the passage of
any law deducting from the value of land for the purposes of taxation any lien thereon, or changing in any way the
taxation of mortgages or debts secured thereby for state or local purposes; or (i) if the mortgagor fails to keep, observe
and perform any of the other covenants, conditions or agreements contained in this mortgage or of those contained in
the building loan contract hereinafter mentioned.
15. That the mortgagor will, in compliance with Section 13 of the Lien Law receive the advances secured hereby and
will hold the right to receive such advances as a trust fund to be applied first for the purpose of paying the cost of the
improvement and will apply the same first to the payment of the cost of the improvement before using any part of the
total of the same for any other purpose.
16. This mortgage is made pursuant to a certain building loan contract between the mortgagor and the mortgagee dated
in the year , and intended to be filed in the office of the Clerk of the County of
on or before the date of the recording of this mortgage, and is subject to all the provisions of said
contract as if they were fully set forth herein and made part of this mortgage.
Strike out this
clause 17 if
inapplicable
17. That the execution of this mortgage has been duly authorized by the board of directors of the mortgagor.
This mortgage may not be changed or terminated orally. The covenants contained in this mortgage shall run with
the land and bind the mortgagor, the heirs, personal representatives, successors and assigns of the mortgagor and all
subsequent owners, encumbrancers, tenants and subtenants of the premises, and shall enure to the benefit of the
mortgagee, the personal representatives, successors and assigns of the mortgagee and all subsequent holders of this
mortgage. The word “mortgagor” shall be construed as if it read “mortgagors” and the word “mortgagee” shall be
construed as if it read “mortgagees” whenever the sense of this mortgage so requires.
IN WITNESS WHEREOF, this mortgage has been duly executed by the mortgagor.
I
N PRESENCE OF:
ACKNOWLEDGEMENT TAKEN IN NEW YORK STATE
State of New York, County of , ss:
On the day of in the year , before
me, the undersigned, personally appeared
, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their capacity(ies), and that
by his/her/their signature(s) on the instrument, the individual(s), or
the person upon behalf of which the individual(s) acted, executed the
instrument.
ACKNOWLEDGEMENT BY SUBSCRIBING WITNESS
TAKEN IN NEW YORK STATE
State of New York, County of , ss:
On the day of in the year , before
me, the undersigned, a Notary Public in and for said State, personally
appeared , the
subscribing witness to the foregoing instrument, with whom I am
personally acquainted, who, being by me duly sworn, did depose and
say that he/she/they reside(s) in
(if the place of residence is in a city, include the street and street number if any, thereof);
that he/she/they know(s)
to be the individual described in and who executed the foregoing
instrument; that said subscribing witness was present and saw said
execute the same; and that said witness at the same time subscribed
his/her/their name(s) as a witness thereto
ACKNOWLEDGEMENT TAKEN IN NEW YORK STATE
State of New York, County of , ss:
On the day of in the year , before
me, the undersigned, personally appeared
, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual(s) whose name(s) is (are)
subscribed to the within instrument and acknowledged to me that
he/she/they executed the same in his/her/their capacity(ies), and that
by his/her/their signature(s) on the instrument, the individual(s), or
the person upon behalf of which the individual(s) acted, executed the
instrument.
ACKNOWLEDGEMENT TAKEN OUTSIDE NEW YORK
STATE
*State of , County of , ss:
*(Or insert District of Columbia, Territory, Possession or Foreign
County)
On the day of in the year
,before me the undersigned personally appeared
Personally known to me or proved to me on the basis of satisfactory
evidence to be the individual(s) whose name(s) is (are) subscribed to
the within instrument and acknowledged to me that he/she/they
executed the same in his/her/their capacity(ies), that by his/her/their
signature(s) on the instrument, the individual(s) or the person upon
behalf of which the individual(s) acted, executed the instrument, and
that such individual make such appearance before the undersigned in
the
(add the city or political subdivision and the state or country or other
place the acknowledgement was taken).
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Building Loan Mortgage
