201400400 - Laserfiche WebLink

Browse

permit the closing of operations, transferring of ownership or operations or a change in ownership, or operations, as defined in ISRA, as to all or any part of the Premises or the Improvements, if this Security Instrument or any other Loan Document otherwise prohibits such action. 6. Any remedial action work plan or any remediation required to be conducted by Borrower under ISRA, the Spill Act or any other Environmental Law shall not involve or permit engineering or institutional controls, on, under or about the Premises or the Improvements or any part thereof including without limitation capping, deed notice, a notice of contamination recorded on the county records, any use or access restriction or the posting of signs, except as permitted under and in compliance with the terms of the Lease of the Premises. 7. The maximum principal amount secured by this Security Instrument is the Loan Amount set forth on Schedule A attached hereto exclusive of interest, applicable premiums, costs and fees. ** * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ** 201400400 FOR MORTGAGED PROPERTY LOCATED IN NEW YORK 1. Notwithstanding anything to the contrary contained in this Security Instrument, the maximum amount of indebtedness secured by this Security Instrument at execution or which under any contingency may become secured hereby at any time hereafter is (i) the Loan Amount set forth on Schedule A attached hereto plus interest thereon (at such rates as provided for in the Note or herein, as applicable), plus (ii) amounts expended by Lender to maintain the lien of this Security Instrument or to protect the property encumbered by this Security Instrument, including, without limitation, amounts in respect of insurance premiums, real estate taxes, litigation expenses to prosecute or defend the rights, remedies and lien of this Security Instrument or title to the property encumbered hereby, and any costs, charges or amounts to which Lender becomes subrogated upon payment, whether under recognized principles of law or equity or under express statutory authority, together with interest on all the foregoing amounts at such rates as provided for in the Note or herein, as applicable. The phrase "subject to the first provisions under the heading For Mortgaged Property Located in New York" is hereby added to the beginning of the sentence that begins with the phrase: "This Security Instrument is given to secure the following indebtedness and obligations" located in the paragraph immediately following the TO HAVE AND TO HOLD clause of this Security Instrument 2. Lien Law. This Security Instrument is subject to the trust fund provisions of Section 13 of the Lien Law of the State of New York. Borrower will, in compliance with said Section, 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 acquiring the Mortgaged Property and paying the cost of improvements and will apply the same first to the payment of the cost of the improvements before using any part of the total of the same for any other purpose. 3. Section 254. The clauses and covenants contained herein which are construed by Section 254 of the Real Property Law of the State of New York shall, except as otherwise expressly provided herein, be construed as provided in that Section; the additional clauses and - 121 -