FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Exhibit D
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`NYC DEPARTMENT
`OF THE CITY
`OFFICE
`
`OF FINANCE
`REGISTER
`
`This page is part of
`the instrument.
`The City
`Register will
`rely on the infonnation
`provided
`by you on this page for purposes
`of
`indexing
`this instrument.The
`information
`on this page
`will
`control
`for
`in the event
`purposes
`indexing
`of any conflict with the rest of
`the document.
`
`RECORDING
`
`Decüiiiciit
`Document
`Document
`
`ID:
`2020010300964001
`Type: MORTGAGE
`Page Count:
`24
`
`PRESENTER:
`ABSTRACT
`HABITAT
`215-15 NORTHERN
`NY 11361
`BAYSIDE,
`718-687-4928
`JAGUNZO@TITLESNY.COM
`
`BLVD.
`
`HBA-5323
`
`2020010300964001001E24D9
`AND ENDORSEMENT
`COVER
`PAGE
`Document
`Date:
`12-19-2019
`
`Preparation
`
`PAGE 1 OF 25
`Date:
`01-03-2020
`
`RETURN
`TO:
`ABSTRACT
`HABITAT
`215-15 NORTHERN
`NY 11361
`BAYSIDE,
`718-687-4928
`JAGUNZO@TITLESNY.COM
`
`BLVD.
`
`HBA-5323
`
`BarGagh
`BROOKLYN
`
`Block
`
`1670
`Type:
`
`Lot
`
`72
`Entire
`DWELLING
`
`DATA
`PROPERTY
`Unit
`Address
`313 MAC DONOUGH
`Lot
`ONLY - 2 FAMILY
`
`Property
`
`STREET
`
`CROSS
`or
`
`REFERENCE
`
`Year
`
`DATA
`
`Reel_
`
`Page_
`
`or
`
`File Number
`
`I
`
`PARTIES
`MORTGAGEE/LENDER:
`LOAN FUNDER
`LLC,
`645 MADISON
`AVENUE,
`NEW YORK,
`NY 10022
`
`9361
`SERIES
`19TH FLOOR
`
`FEES
`
`AÑD TAXES
`
`Filing
`
`Fee:
`
`CRFN
`
`or
`
`DocumentID
`
`MORTGAGOR/BORROWER:
`313 MACDONOUGH
`LLC
`14 BOWER PLACE
`NY 11743
`HUNTINGTON,
`
`Mertgage
`Mortgage
`Taxable
`Exemption:
`TAXES:
`
`:
`Amount:
`Mortgage
`
`Amount:
`
`(Basic):
`County
`(Additional):
`City
`Spec
`(Additional):
`TASF:
`MTA:
`NYCTA:
`Additional
`MRT:
`TOTAL:
`
`Recording
`Affidavit
`
`Fee:
`Fee:
`
`$
`$
`
`$
`$
`$
`$
`$
`$
`$
`$
`$
`$
`
`1.402,500.00
`1.402.500.00
`
`7.012.50
`15.778.13
`0.00
`3,506.25
`4,177.50
`0.00
`0.00
`30.474.38
`157.00
`0.00
`
`l NYC Real Property
`
`Transfer
`
`NYS Real Estate
`
`Transfer
`
`.
`
`$
`Tax:
`$
`Tax:
`$
`0.00
`OR FILED
`RECORDED
`IN THE OFFICE
`O F THE CITY
`OF THE
`g ay
`REGISTER
`OF NEW YORK
`CITY
`Recorded/Filed
`01-07-2020
`City Register File No.(CRFN):
`202
`
`0.00
`
`0.00
`
`14:00
`
`5448
`
`City Register
`
`Official
`
`Sig-nature
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 1 of 23
`
`After Recording
`
`Return
`
`to:
`
`Loan Funder LLC, Series 9361
`19th Floor
`645 Madison Avenue,
`New York, NY 10022
`
`313 MacDonough
`LLC
`$1,402,500.00
`December
`19, 2019
`
`COMMERCIAL
`
`MORTGAGE.
`
`SECURITY
`
`AGREEMENT
`
`AND FIXTURE
`
`FILING
`
`KNOW ALL MEN BY THESE PRESENTS that 313 MacDonough
`a New York Limited
`LLC,
`Liability
`Company having an office at 14 Bower Place, Huntington NY 11743 ("Mortgagor"
`as the
`or "Borrower",
`Five Hundred
`of One Million
`Four Hundred
`Two Thousand
`the consideration
`for
`case maybe),
`from
`and other good and valuable consideration,
`received to its full satisfaction
`Dollars
`($1,402,500.00)
`LLC, Series 9361, a Delaware
`place of
`having its principal
`Loan Funder
`limited
`liability
`company
`19th Floor, New York, NY 10022 ("Mortgagee"
`as the
`or "Lender",
`business at 645 Madison Avenue
`sell, and confirm unto the said Mortgagee,
`its successors
`case maybe) does hereby give, grant, bargain,
`the following:
`and assigns forever,
`
`title
`
`as 313
`known
`premises more commoñ!y
`in and to those
`and interest
`(A) All
`right,
`is more particularly
`NY 11233 (the
`which
`MacDonough
`Street,
`Brooklyn,
`"Ifroperty")
`A (the "Premises") which is attached hereto and made a part hereof;
`described in SCHEDULE
`
`nature whatsoever
`structures and improvements
`(B) TOGETHER WITH (1) all buildings,
`ofevery
`of
`now or hereafter situated on the Premises, and now and hereafter owned, or the ownership
`stored at or
`which is hereafter acquired,
`(2) all building materials,
`supplies and other property
`located
`to the Premises or any other
`location for
`incorporation
`into the improvements
`delivered
`furniture
`or to be located on the Premises, and all
`cÿüipident.
`fixtures, machinery,
`app!iances,
`and personal property of every nature whatsoever
`now or hereafter owned, or the ownership
`of
`and now or hereafter
`located in or on, or now or
`which is hereafter acquired,
`by Mortgagor
`hereafter attached to, and used or intended to be used in connection with, or with the operation
`in
`or
`structures
`or other
`the Premises,
`of, or
`the occupancy
`improvements,
`buildings,
`of,
`or which may
`be now or hereafter
`connection
`with
`any construction
`conducted
`being
`of which is hereafter acquired
`conducted thereon, and now or hereafter owned, or the ownership
`owned
`and all extensions,
`additions,
`improvements,
`betterments,
`renewals,
`by Mortgagor,
`now or hereafter made with respect
`to any of the foregoing,
`and
`and replacements
`±t±:±!ons
`to the
`title and interest of Mortgagor
`in and to such personal property which,
`all of
`the right,
`deemed fixtures
`and a part of
`the real
`fullest extent permitted
`by law, shall be conclusively
`hereby (the "Improvements");
`property encumbered
`
`of whatever
`title and interest of Mortgagor,
`(C) TOGETHER WITH (1) all estate,
`character,
`right,
`roads and public places, open
`in and to (a) all streets,
`whether now owned or hereafter acquired,
`the Premises, and the land lying in the bed of such streets,
`or proposed,
`in front of or adjoining
`alleys, ways, passages, strips and gores of
`roads and public places, and (b) all other sidewalks,
`the property described
`or used or intended to be used in connection with any of
`land adjoining
`thereof; and (2) all water courses, water
`in paragraphs
`(A) and (B) hereof, or any part
`rights,
`and rights of use or passage, public or private, and all estates,
`interest,
`cascracats,
`rights-of-way
`lateral support,
`any and all
`without
`rights (including,
`drainage,
`limitation,
`benefits,
`powers,
`oil, gas and subsuitace
`rights), privileges,
`licenses, profits,
`slope, sewer, water, air, mineral,
`remainders
`and
`and subreversions,
`reversions
`rents,
`tenemcats,
`hereditaments,
`royalties,
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 2 of 23
`
`and appurtenances whatsoever
`relating or appertaining
`in any way belonging,
`subrcmainders
`to
`(A) and (B) hereof, or any part
`in paragraphs
`the property
`any of
`thereof, or which
`described
`relate or be appurtenant
`hereafter
`shall
`in any way belong,
`thereto, whether
`now owned or
`hereafter acquired by Mortgagor;
`and
`
`(D)
`
`in and to all
`title and interest of Mortgagor
`WITH (a) all estate,
`TOGETHER
`of,
`right,
`insurance proceeds, awards of damages and settlements
`hereafter made resulting
`judgments,
`procccdings
`from condemnation
`the property described in paragraphs (A),
`or the taking of
`(B)
`and (C) hereof or any part
`thereof under
`the power of eminent domain, or
`for any damage
`to the property described in paragraphs
`(whether
`caused by such taking or otherwise)
`(A),
`(B)
`or (C) hereof or any part
`thereof, or to any rights appurtenant
`thereto, and all proceeds of any
`sales or 0.ther dispositions
`of
`the property described in paragraphs (A),
`(B) or (C) hereof, or any
`part thereof; and Mortgagee
`is hereby authorized to collect and receive said awards and proceeds
`and to give proper
`receipts and acquitances
`to apply the same, after
`therefor, and (if
`it so elects)
`deducting therefrom any expenses incurred by Mortgagee
`in the collection
`and hanWing thereof,
`toward the payment of
`the indebtedness
`the
`and other sums secured hereby, notwithstanding
`fact
`the amount owing thereon may not then be due and payable; and (b) all contract
`that
`rights,
`general
`licenses and approvals,
`actions and rights in action,
`goverñnientãl
`permits,
`intangibles,
`all
`rights to insurance proceeds and unearned premiums,
`including without
`limitation
`arising
`from or
`described
`in paragraphs
`to the property
`(B) and (C) above; and (c) all
`(A),
`relating
`renewals and accessions of and to the
`replacements
`additions,
`proceeds, products,
`substitutions,
`(B) and (C).
`property described in paragraphs (A),
`
`All of the property descilbed
`(C) and (D) above, and each item of property
`in paragraphs
`(A),
`(B),
`is herein referred to as the "Mortgaged
`therein described,
`Property".
`
`TO HAVE AND TO HOLD the above granted and bargained Premises, with the appurtenances
`thereof,
`to it and their own proper use and
`unto it, the said Mortgagee,
`its successors and assigns forever,
`behoof. And also,
`the said Mortgagor
`its successors and assigns, covenant with the said
`does for
`itself,
`its successors and assigns,
`they are well
`that at and until
`the ensealing of these presents,
`Mortgagee,
`the Premises as a good indefeasible
`estate in FEE SIMPLE;
`seized of
`and have good right
`to bargain
`and sell
`the same in manner and form as is above written;
`the same is free and clear of all
`and that
`except as set forth on Schedule "B", attached hereto..
`encumbrances whatsoever
`
`Mortgagor
`its legal
`does by these presents bind itself,
`AND FURTHERMORE,
`representatives
`to WARRANT
`AND DEFEND the above granted and bargained
`successors and assigns forever
`to Mortgagee,
`Mortgaged Property
`its successors and assigns, against all claims and dcmãnds
`whatsoever.
`
`and its
`
`THE CONDITION
`
`OF THIS MORTGAGE
`
`IS SUCH THAT:
`
`by virtue of a commercial
`is indebted to Mortgagee
`(the
`loan transection
`WHEREAS, Mortgagor
`in the sum of One Million
`Four Hundred Two Thousand Five Hundred dollars ($1,402,500.00)
`"Loan")
`as evidenced by a certain Commercial
`Four
`amount of One Million
`Promissory Note in the principal
`Hundred Two Thousand Five Hundred dollars ($1,402,500.00)
`(as same may be amended,
`restated, or
`dated December
`19, 2019 executed by Mortgagor
`modified
`from time to time,
`the "Note")
`and delivered
`to Mortgagee, with all amounts reme!n!ng
`unpaid thereon being finally
`due and payable on December
`(as same may be ==±i
`19, 2020 and (2) that certain Loan Agreement
`from
`restated, or modified
`time to time,
`"Loan Agreement")
`of even date herewith;
`
`WHEREAS,
`
`the terms and repayinent
`
`of such obligations
`
`of (lle Mortgagor
`
`are set forth in the Note;
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 3 of 23
`
`the indebtedness and obligations
`to secure payment and performance
`of
`WHEREAS,
`this Mortgage
`the Mortgagor
`is hereby executing
`in favor of the Mortgagee;
`Note,
`
`represented by the
`
`has agreed to provide financing
`WHEREAS, Mortgagee
`located at: 313 MacDonough
`premises
`Street, Bluoklyn,
`
`for the purchase and renovations
`NY 11233; and
`
`of
`
`the
`
`has agreed to grant Mortgagee
`WHEREAS, Mortgagor
`the premises located at:313 MacDonough
`of
`financing
`
`a mortgage in the Premises as collateral
`Street, Brooklyn, NY 1I233; and
`
`for
`
`the
`
`WHEREAS,
`construction
`
`improvements
`and/or
`buildings
`or repair, or are to be constructed,
`
`on the Mortgaged Property are in the process of
`erected or repaired; and
`
`to execute and
`it has full power and authority
`represents and warrants that
`WHEREAS, Mortgagor
`required of
`agreenients and instruments
`deliver
`the Note,
`this Mortgage,
`it by
`and all other documents,
`Mortgagee
`in connection with the making of
`and all such other
`the Loan (the Note,
`this Mortgage,
`agreements and instruments
`executed and delivered
`by Mortgagor
`in ccññccticñ with the
`deemets,
`Loan being sometimes
`referred to herein as the "Loan Documents"),
`collectively
`
`NOW, THEREFORE,
`
`Mortgagor
`
`hereby covenants and agrees with Mortgagee
`
`as follows:
`
`ARTICLE
`
`ONE: COVENANTS
`
`OF MORTGAGOR
`
`1.01
`observed
`shall cause to be performed,
`of Loan Dacienieñ‡s. Mortgagor
`Performance
`and
`complied with all provisions
`the Note and each of the Loan Documents,
`and will promptly
`hereof, of
`pay
`to Mortgagee
`the principal, with interest
`thereon, and all other sums required to be paid by Mortgagor
`under
`of this Mortgage
`theNote and pursuant
`to the provisions
`and ofthe Loan Documents when payment
`shall become due (the entire principal
`amount of the Note, all accrued interest
`thereon and all obligations
`thereunder and hereunder and under all of the Loan Documents
`described being referred
`and indebtedness
`to herein as the "Indebtedness").
`
`Mortgagor
`1.02
`represents and caveiiaiits
`and Warranties.
`Covenants
`General Representations,
`that (a) Mortgagor
`the fair market value of
`is now able to meet
`its debts as they mature,
`its assets exceeds
`its liabilities
`or insolvency
`case or proceeding
`is pending or contemplated
`by or against
`and no bankruptcy
`to Mortgagee
`(b) all reports, statements and other data furnished
`by Mertsnsor
`in connection
`Mortgagor;
`with the Loan are true, correct and complete
`in all material
`respects and do not omit
`to state any fact or
`necessary to make the statements contained
`therein not misleading;
`circumstance
`(c) this Mortgage,
`the
`Note and all other Loan Documents
`are legal, valid and binding obugatiGns of Mortgagor
`enforceable
`in
`accordance with their
`respective
`terms and the execution
`thereof do not contravene
`and delivery
`any
`contract or agreement
`to which Mortgagor
`is a party or by which M6rtgag0r may be bound and do not
`contravene
`rule or
`regulation
`to which Mortgagor
`is subject;
`there are no
`any law, order, decree,
`(d)
`pending, or to the knowledge
`of Mortgagor
`threatened, against or affecting
`actions, suits or proceedings
`Mortgagor
`or any part of
`the Mortgaged
`(e) all costs arising
`from construction
`of any
`Property;
`and the purchase of all equipment
`Property which have been
`impiuveitieiits
`located on the Mortgaged
`this Mortgage
`the Mortgaged Property has frontage on,
`incurred prior
`to the date of
`have been paid;
`(f)
`and direct access for,
`ingress and egress to the street(s) described in any survey submitted
`to Mortgagee;
`and any other necessary utilities
`are, or will be, available
`sewer, water
`facilities
`in sufficient
`(g) electric,
`to service the Mortgaged Property satisfactorily
`during the term of
`the Note, and any easements
`capacity
`have been or will be obtained and duly
`necessary to the furnishing
`service by MortgagGr
`of such utility
`services required for
`the use, occupancy
`recorded (evidence satisfactory
`to M6rigagce
`that all utility
`and
`the Mortgaged
`shall be provided
`operations
`upon Mortgagee's
`to Mortgagee
`of
`Property
`immediately
`there has not been,
`is not presently
`and will
`not
`in the future be any activity
`conducted
`request);
`(b)
`by
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 4 of 23
`
`the Mortgaged Property that has given or will give rise to
`or any tenant at or upon any part of
`Mortgagor
`the imposition
`the Mortgaged
`the
`of a lien on any part of
`in default under
`(i) Mortgagor
`is not
`Property;
`terms of any instrument
`and there has occurred
`or securing any indebtedness
`of Mortgagor,
`evidencing
`a default under any such instrument with the
`no event which would,
`if uncured or uncorrected,
`constitute
`time or both; and (j) Mortgagee
`of notice, or the passage of
`to enter
`into the
`has legal capacity
`giving
`Loan and to execute and deliver
`have been duty and
`the Loan Docüñieñts,
`and the Loan Documents
`executed on behalf of Mortgagee.
`properly
`
`the
`and warrants
`Com phee
`that
`covenants
`Notice. Mortgagor
`with
`1.03
`Permits;
`Laws;
`complies with and shall continue to comply with all applicable
`restrictive
`Mortgaged Property presently
`and subdivision
`applicable
`zoning, wetlands
`codes, all applicable
`ordinances
`and building
`covenants,
`health and environmental
`laws and regulations
`and all other applicable
`laws, statutes,
`rules, ordinances,
`and Mortgagor
`the Mortgaged Property
`has not received any notice that
`is not
`in
`codes, and regulations,
`comp!!anm with any such laws,statutes,
`codes and regulations.
`If Mortgagor
`receives
`rules, ordinances,
`notice from any federal, state or other governmental
`in compliance with any such laws,
`body that
`it is not
`shall provide Mortgagee with a copy of such
`codes and regulations, Mortgagor
`statutes,
`rules, ordinances,
`federal, state and municipal
`notice promptly. Mortgagor
`agrees to comply with all
`local
`laws, statutes,
`and development
`of
`codes and regulations
`in connection
`with the construction
`the
`rules, ordinances,
`Mórtgaged Property. Mortgagorhas
`obtained all
`consents and approvals
`licenses, permits, authorizations,
`ofthe Mortgaged Property, and all such licenses, permits,
`and development
`necessary for the construction
`force and effect and all appeal periods have expired.
`consents and approvals
`are in full
`authorizations,
`Unless required by applicable
`law or unless Mortgagee
`has otherwise
`shall
`agreed in writing, Mortgagor
`for which the Premises were intended at the time this
`not allow changes in the nature of
`the occupancy
`initiate or acquiesce in a change in the zoning classification
`Mortgage was executed. Mortgagor
`shall not
`of the Mortgaged Property without Mortgagee's
`prior written consent. Mortgagor warrants and represents
`the Mortgaged Property is in accordance and compliance
`its tenants, of
`its use, and the use by any of
`that
`and laws that may be applicable
`with the terms and conditions
`of any and all
`to the
`rules,
`regulations,
`including, without
`all
`federal, state and local
`rules and
`Mortgaged Property,
`laws, ordinances,
`limitaties,
`regarding hazardous and toxic materials and that Mortgagor
`shall maintain and continue such
`regulations
`require and ensure its tenants' compliance with the same. Mortgagor
`and shall
`shall maintain
`compliance
`in its possession, available for the inspection
`of the Mortgagee,
`or shall cause their agent
`and
`to maintain
`upon three (3) business days'
`request, evidence of compliance with all
`shall deliver
`to the Mortgagee,
`such requirements. Mortgagor
`and bolds Mortgagee
`free of and harmless from and
`hereby indemnifies
`that Mortgagee may incur with regard thereto.
`against any and all claims, demands, damages or liabilities
`
`1.04
`
`Taxes and Other Charges.
`
`shall pay, at
`this Section 1.04, Mortgagor
`to the provisions
`Subject
`Im positions.
`LO4.1
`of
`taxes, assessments, water
`five (5) days before the date due, all
`real estate taxes, personal property
`least
`and sewer rates and charges,
`license fees, all charges which may be imposed for the use of vaults, chutes,
`the public
`areas and other space beyond the lot
`line and abutting
`sidewalks
`the
`in front of or adjoining
`the "Impositions"),
`Premises, and all other governmental
`levies and charges (collectively,
`of every kind
`foreseen and unforeseen, which
`and nature whatsoever,
`general and special, ordinary
`and exüåwenary,
`the Mortgaged Property
`imposed or become a lien upon or against
`levied, con firmed,
`shall be assessed,
`shall become payable with respect
`to
`shall deliver
`or which
`thereto. Mortgagor
`or any part
`thereof,
`twenty (20) days after the due date of each payment
`in connection with the imposWes
`Mortgagee, within
`the original
`or a true Photostatic
`copy of
`for
`improvements
`or any assessment
`the
`local
`("Assessment"),
`to Mortgagee.
`such payment or other proof of payment satisfactory
`official
`receipt evidencing
`
`LO4.2
`
`Insurance.
`
`(a)
`
`Mortgagor
`
`shall
`
`keep all buildings
`
`erected on or
`
`to be erected on the
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 5 of 23
`
`loss by fire and such other hazards as the Mortgagee may
`insured against
`Mortgaged Property
`insurable risks
`to other
`shall obtain and maintain insurance with respect
`require and Mortgagor
`builder' s
`including, without
`to the Mortgaged Property
`and coverage relating
`limitation,
`fire,
`physical
`risk, worker's
`loss of
`rentals
`or business
`interruption,
`compensation,
`damages,
`insurance, all such insurance to be in such sums and
`earthquake
`(if applicable),
`and liability
`reasonably may require, with loss proceeds by
`upon such terms and conditions
`as Mortgagee
`the terms of such policies made payable to the Mortgagee
`as its interest may appear. Mortgagor
`to the
`later than fifteen (15) days prior
`covenants that all
`insurance premiums
`shall be paid not
`to Mortgagor's
`date on which such policy
`could be cancelled for non-payment.
`knowledge,
`If,
`by any federal governmental
`of
`the Mortgaged
`any portion
`is in an area identified
`Property
`a flood insurance
`as having special
`flood hazards, and flood insurance is available,
`authority
`Insurance
`and Mitigation
`the
`guidelines
`of FEMA's
`Federal
`current
`policy meeting
`in an amount
`is in effect with
`a generally
`acceptable
`insurance
`Administration
`carrier,
`balance of
`the
`less than the least of
`the outstanding
`principal
`coverage not
`(1)
`representing
`and (3) the maximum amount of
`the Mortgaged Property,
`(2) the full
`insurable value of
`Loan,
`the Flood Disaster Protection Act of 1973, as anwiided. All
`such
`insurance
`available
`under
`contain
`a standard
`insurance
`the "hazard
`insurance
`shall
`policies
`(collectively,
`policy")
`and
`clause naming the Mortgagee
`and its successors and assigns as beneficiary,
`mortgagee
`days' prior written
`notice to
`may not be reduced,
`or canceled without
`terminated,
`(30)
`thirty
`the Mortgagee.
`
`as such under the laws of
`shall be duly qualified
`Such insurance companies
`(b)
`and licensed in such
`is located, duly authorized
`the states in which the Mortgaged
`Property
`and
`the applicable
`insurance business and to write the insurance provided,
`states to transact
`by A.M.
`rating categories
`is rated in the two highest
`companies whose claims paying ability
`to hazard and flood insurance. Such insurance shall be in amounts not
`less
`Best with respect
`the amount
`principal
`balance of
`the Loan, or
`than the greater of:
`the outstanding
`(ii)
`(i)
`to the Prernises.
`necessary to avoid the operation of any co-insurance
`provisions with respect
`
`All
`
`(30) days prior
`for a minimum of
`shall provide
`such policies
`thirty
`(c)
`shall have
`upon its request
`to Mortgagor,
`notice to Mortgagee. Mortgagee,
`written cancellation
`and all other policies which may be procured
`said
`the custody of all such policies
`insuring
`its office
`and all
`renewal
`the same to be delivered,
`to Mortgagee
`at
`Mortgaged
`Property,
`paid to Mortgagee
`at its office at least twenty (20) days
`policies
`to be delivered
`and premiums
`and Mortgagor
`agrees that upon failure to maintain
`of
`before the expiration
`the old policies;
`or to deliver
`said renewal policies as aforesaid, or to pay the
`the insurance as above stipulated
`obligation
`to do so, procure such insurance and
`therefor, Mortgagee may, without
`premiums
`be paid by Mortgagor
`therefor and all sums so expended shall
`pay the premiums
`immadiwaly
`the debt secured bereby and shall bear
`interest at
`and unless so paid, shall be deemed part of
`forth in the Note, and thereupon the entire principal
`sum unpaid,
`such
`the rate set
`including
`insurance as aforesaid, and any and all other sums
`of
`sums as have been paid for premiums
`shall become due and payable forthwith
`at
`the option of
`which
`shall be payable hereunder
`In case of
`loss and
`notwithstanding.
`to the contrary
`herein contained
`Mortgagee,
`anything
`insurance money received shall be applied
`the amount of
`payment by any insurance company,
`secured hereby, or in rebuilding
`and restoring the damaged property,
`to the liidebtedacas
`either
`as Mortgagee may elect.
`
`has not engaged in and shall not engage in any act or emiss!en
`Mortgagor
`(d)
`the endorsement provided
`the coverage of any such policy,
`the benefits of
`which would impair
`including, without
`no unlawful
`and binding effect ofeither
`for herein, or the validity
`limitation,
`or other unlawful
`or value of any kind has been or
`compensation
`kickback,
`fee, commission,
`firm, or otlier person, and no such
`realized
`will
`be received,
`or
`retained,
`by any attorney,
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 6 of 23
`
`unlawful
`
`items have been received,
`
`retained, or realized by Mortgagor.
`
`or event has occurred and no state of
`No action,
`facts exists or has
`inaction,
`(e)
`from, denial of, or defense to coverage
`in the exclusion
`result
`existed that has resulted or will
`the
`under any applicable
`special hazard insurance policy or bankruptcy
`irrespective
`of
`bond,
`cause of such failure of coverage.
`
`and Insurance.
`for
`Deposits
`to the contrary
`Impositions
`LO4.3
`Notwithstanding
`anything
`the Loan Documents,
`after
`in any of
`contained
`failure by Mortgagor
`to pay
`upon demand by Mortgagee,
`the amounts specified in Sections 1.04.1 or 1.04.2, Mortgagor
`shall deposit with Mortgagee on the
`any of
`first day of each month an amount equal
`to one twelfth
`(1) the aggregate annual
`of
`the sum of:
`(l/12th)
`for the Impositions;
`insurance required to
`paymcats
`the annual
`insurance premiums on the policies of
`(ii)
`in force by Mortgagor
`be obtained and kept
`under this Mortgage;
`and (iii) all other periodic
`charges (other
`than interest and principal
`under the Note) arising out of
`the ownership
`of
`the Mortgaged Property or any
`portion
`thereof which
`are or with notice or the passage of
`time or both will become a lien against
`the
`Mortgaged
`thereof
`(ii), and (iii),
`or any part
`the "Annual
`Such
`Payments").
`collectively,
`((i),
`Property
`sums will
`not bear
`interest and are subject
`to adjustment
`or additional
`to assure
`payments
`in order
`it will have the full amount of any payment on hand at least one (1) month prior
`Mortgagee
`to its due
`that
`date. Mortgagee
`in the manner and to the
`shall hold said sums in escrow to pay said Annual Payments
`extent permitted
`by law when the same become due and payable. Notwithstanding
`anything herein to the
`such deposits shall not be, nor be deemed to be, trust
`funds but may be commingicd
`however,
`contrary,
`funds of Mortgagee.
`to Mortgagee,
`with the general
`If
`the total payments made by Mortgagor
`on account
`of said Annual Payments up to the time when the same become due and payable, shall exceed the amount
`such excess shall be credited by
`for said Annual Payments actually made by Mortgagee,
`of payment
`Mortgagee
`the next payment or payments due from Mortgagor
`to Mortgagee
`on account of said
`against
`said payments made by Mortgagor
`shall not be sufficient
`to pay said
`Annual Payments.
`If, however,
`Payments when the same become due and payable, Mortgagor
`agrees to promptly
`Annual
`pay to
`the amount necessary to make up any deficiency.
`Mertgagee
`In case of default
`in the performance
`of any
`of
`the agreements
`contained
`or provisions
`in the Note, Mertgagee may, at
`at any time after
`its option,
`as a credit against
`the principal
`such default, apply the balance remaining
`of
`the sums accumu!ated,
`or
`or both.
`interest of
`the mortgage Indebtedness,
`
`a "late charge" of
`(5%) on any
`five percent
`1.04.4
`Late Charge. Mortgagee may collect
`due or required
`to the terms of
`or the Note
`this Mortgâge
`to be paid pursuant
`or
`payment
`installment
`ten (10) days of when the same is required to be paid to cover
`the extra expenses
`which is not paid within
`involved
`such delinquent
`in handling
`payment.
`
`of Payment.
`Proof
`1,04.5
`twenty (20) days after
`Mortgagee, within
`to Mortgagee.
`of payment satisfactory
`
`shall
`Mortgagor
`of Mortgagee,
`Upon
`to
`deliver
`request
`required in this Section 1.04, proof
`the due date of any payment
`
`to all compensation
`shall be entitled
`Mortgagee
`Condemnation.
`1.05
`claims,
`awards, damages,
`rights of action and proceeds of, or on account of, any damage or taking through condemnation,
`eminent
`domain
`the like, and Mortgagee
`in and
`or
`at
`appear
`to commence,
`is hereby authorized,
`its option,
`name any action or proceeding
`prosecute in its own or Mortgagot's
`relating to any such usaderúüãtion,
`taking or the like and to settle or compromise
`any claim in connection
`therewith.
`
`Dem:T:
`the
`and Alteration.
`of Mortgaged
`Care
`1.06
`shall as!ñE!ñ
`Mortgagor
`Property;
`the Mortgaged
`and repair, shall not commit or suffer any waste of
`in good condition
`Mortgaged Property
`and shall comply with or cause to be complied with, all statutes,
`rules, painances
`and
`laws,
`Property,
`to the Mortgaged
`of any governmental
`and Mortgagor
`shall
`requirements
`relating
`Property;
`authority
`replace or rebuild any part of
`the Mortgaged Property now or hereafter subject
`repair,
`restore,
`promptly
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 7 of 23
`
`or which
`this Mortgage which may be damaged or destroyed by any casualty whatsoever
`to the lien of
`of the character
`referred to in Section 1.05. Mortgagor
`shall complete
`may be affected by any proceeding
`and pay for, within
`a reasonable time, any structure
`in the process of construction
`on the Mortgaged
`Property at any time during the term of
`the Loan; and Mortgagor
`to
`join in, or consent
`shall not
`initiate,
`covenants, or private restrictions,
`any change in any private restrictive
`or defining the uses which
`limiting
`the written consent of Mortgagee.
`may be made of
`the Mortgaged Property or any part
`thereof, without
`Mortgagor
`agrees that no building
`or other property now or hereafter covered by the lien of this Mortgage
`shall be removed,
`the prior written
`consent of Mortgagee,
`altered, without
`or materially
`demolished,
`free from the
`to remove and dispose of,
`shall have the right, without
`such consent,
`that Mortgagor
`except
`lien of
`as from time to time may become worn out or obsolete, provided
`this Mortgage,
`such equipment
`that simultaneously
`to such removal
`shall be replaced with other
`with or prior
`any such equipment
`of value at
`to that of
`the replaced eqdpment
`and free from any title retention
`or
`equipment
`least equal
`and by such removal
`shall be
`and replacement Mortgagor
`agreement
`or other encumbrance,
`security
`to the lien of
`deemed to have subjected such equipment
`this Mortgage.
`
`1.07
`
`Transfer
`
`and Encumbrance
`
`of Mortgaged
`
`Property.
`
`transfer, suffer any type of change in title or ownership,
`Mortgagor
`shall not sell, convey,
`lease,
`(a)
`assign or further encumber any interest
`the prior written
`the Mortgaged Property, without
`in any part of
`consent of Mortgagee.
`Any such sale, cGavcyance,
`lease, assignment
`or encumbrance
`transfer, pledge,
`made without Mortgagee's
`prior written
`shall be null and void and shall constitute
`a default
`consent
`hereunder. Mortgagor
`shall not, without
`the prior written
`permit
`consent of Mortgagee,
`any further
`the rents,
`income, profits or other benefits from the Mortgaged
`assignment of
`royalties,
`issues,
`revenues,
`or any part
`the prior written consent of Mortgagee
`titereof, and any such assignment without
`Property,
`shall be null and void and shall constitute
`a default hereunder. Mortgsgor
`in the event
`agrees that
`the
`the Mortgaged
`Property or any part
`by Mortgagee
`to be vested in a
`of
`thereof
`is permitted
`ownership
`deal
`in any way with such
`person other
`than Mortgagor, Mortgagee may, without
`notice to Mortgagor,
`successor or successors in interest with reference to this Mortgage
`and the Note and other sums hereby
`hereunder or upon the Note and
`secured without
`in any way vitiating
`or discharging Mortgagor's
`liability
`to any person with
`other sums hereby secured. No sale of
`the Mortgaged
`Property and no forbearance
`to this Mortgage
`to any person of
`the Note and other
`respect
`and no extension
`the time for payment of
`the
`sums hereby secured given by Mortgagee
`shall operate to release, discharge, modify,
`change or affect
`of Mortgagor
`either
`in whole or in part.
`original
`liability
`
`the Mortgaged Property or
`shall sell, convey, assign or transfer all or any part of
`If Mortgagor
`(b)
`without Mortgagee's
`in Mortgagor
`therein or any beneficial
`prior written
`interest
`any interest
`consent,
`Mortgagee may, at Mortgagets
`option, without
`protest, notice of protest, notice
`demand, presentment,
`or other notice, or any other action, all of which are hereby
`of
`to accelerate, notice of acceleration
`intent
`declare the
`in any manner on the Indebtedness,
`waived
`and all other parties obligated
`by Mortgagor
`to be immediately
`due and payable, which option may be exercised at any time following
`Indebtedness
`the entire unpaid balance
`lease or transfer, and upon such declaration
`such sale, conveyance,
`assignment,
`shall be immediately
`of
`the Indebtedness
`due and payable.
`
`free from mechanics'
`shall keep the Mortgaged
`Mortgager
`(c)
`Property
`and encumbrances.
`lien or encumbrance
`If any prohibited
`is filed against
`shall cause the same to be removed and discharged of record within
`Mortgagor
`date of
`filing thereof.
`
`liens
`liens, materialmen's
`the Mortgaged
`Property,
`thirty (30) days after
`tlie
`
`or
`from all persons hereafter
`upon request by Mortgagee,
`shall obtain,
`Mortgagor
`having
`(d)
`on the Mortgaged Property or the said equipment or accessions,
`in or eneumbrance
`any interest
`acquiring
`and stating the nature and extent of such interest or encumbrance
`a writing
`and that
`duly acknowledged,
`the same is subordinate
`to this Mortgage
`in favor
`thereof against
`and no offsets or defenses exist
`this
`
`

`

`FILED: KINGS COUNTY CLERK 05/14/2021 11:24 AM
`NYSCEF DOC. NO. 5
`
`INDEX NO. 511443/2021
`
`RECEIVED NYSCEF: 05/14/2021
`
`Page 8 of 23
`
`Mortgage
`
`or the Note hereby secured, and deliver
`
`such writing
`
`to Mortgagee.
`
`Further Assurances. At any time and from time to time upon Mortgagee's
`r