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201400400
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Last modified
8/19/2014 2:25:24 PM
Creation date
1/23/2014 3:16:30 PM
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DEEDS
Inst Number
201400400
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201400400 <br />covenants contained herein shall afford rights to Lender supplemental to and not exclusive of the <br />rights conferred by the clauses and covenants construed by said Section 254 and shall not impair, <br />modify, alter or defeat such rights notwithstanding that such additional clauses and covenants <br />may relate to the same subject matter or provide for different or additional rights in the same or <br />similar contingencies as the clauses and covenants construed by said Section 254; the clauses and <br />covenants herein which are similar to those contained in said Section 254 but which afford <br />additional rights to Lender, shall supersede the clauses and covenants contained in Section 254. <br />4. Section 291 -f. Reference is hereby made to Section 291 -f of the Real Property <br />Law of the State of New York for purposes of obtaining the benefit to Lender of said Section in <br />connection with this Security Instrument including without limitation, with respect to the <br />provisions of this Security Instrument prohibiting any modification or change in the terms of the <br />Lease without consent of Lender. <br />5. Not 1 -6 Residential Units. This Security Instrument does not cover real property <br />principally improved or to be improved by one or more structures containing in the aggregate not <br />more than six residential dwelling units each having their own separate cooking facilities. <br />6. Non - Judicial Foreclosure. Upon the occurrence and during the continuance of an <br />Event of Default, Lender may, either with or without entry or taking possession of the <br />Mortgaged Property as provided in this Security Instrument or otherwise, personally or by its <br />agents or attorneys, and without prejudice to the right to bring an action for foreclosure of this <br />Security Instrument, sell the Mortgaged Property or any part thereof pursuant to any procedures <br />provided by applicable law, including, without limitation, the procedures set forth in Article 14 <br />of the New York Real Property Actions and Proceedings Law (and any amendments or substitute <br />statutes in regard thereto), and all estate, right, title, interest, claim and demand therein, and right <br />of redemption thereof, at one or more sales as an entity or in parcels, and at such time and place, <br />and upon such terms and after such notice thereof as may be required or permitted by applicable <br />law. <br />7. The second grammatical paragraph of paragraph 19(f)(iii) of this Security <br />Instrument is hereby amended to read as follows: <br />If Borrower or the Grantee, as applicable, has elected to exercise its Debt Assumption Right and <br />all of the conditions of this paragraph 19(0 have been satisfied, Lender shall cause the grid <br />attached to the Note to be increased to reflect an increase in the principal amount of such Note by <br />the principal amount of the New Note. The lien hereof shall automatically be amended to secure <br />such increase in the principal amount of the Note and in accordance with Section 281 subd. 2 of <br />the New York Real Property Law, the amount of such re- advance shall be secured hereby to the <br />same extent and with the same priority of lien as if such amount were advanced at the time this <br />Security Instrument were recorded. Lender shall simultaneously deliver a release, releasing the <br />Substitute Collateral Borrower from the New Note and cancel such New Note. Escrow Agent <br />shall execute a Uniform Commercial Code Form 3 termination statement that will have the effect <br />of releasing Lender's security interest in the Cash Collateral. Escrow Agent shall release all <br />funds in the escrow account, other than the Substitute Collateral Fees and Expenses, to the <br />Grantee, in the case of a Sale, subject to paragraph 19(c), or the Borrower, as applicable, in the <br />- 122 - <br />
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