Form prepared and used by Lawyers Title & Trust Company of New York. Agreement, made this........day of........., 19...,

BETWEEN...............................................

hereinafter referred to as the borrower, and..................

hereinafter referred to as the lender. Whereas, the borrower has applied to the lender for a loan of

......................................................................................................

Dollars, to be evidenced by the bond of the borrower, duly executed and acknowledged for the payment on demand made after the........day of........, 19..., of the said sum of..................Dollars, or so much thereof as shall at any time be advanced by the holder of the said bond, with interest upon each amount so advanced, from the day when such advance was made to the date of payment, at the rate of..........per centum per annum.

................................said bond to be secured by a......mortgage on the premises described as follows:

The borrower covenants to erect on said premises the following described building in accordance with the plans therefor filed in and duly approved by the Department of Buildings of the City of New York, and, if such building be affected by the Tenement House Law, the Tenement House Department of the City of New York. The said plans and the specifications for said building to be first submitted to and approved by the lender.

The building which the borrower covenants to erect shall be

...................................................................................................

and shall cost not less than.....................Dollars.

Now, Therefore, it is agreed between the parties as follows: 1. That said Mortgage is to be duly executed and acknowledged by all persons necessary to make it a valid........

lien on said premises for the advances to be made, and the said Bond and Mortgage are to be in form approved by the lender, and it is expressly understood ana agreed, that all ............gas fixtures, bath tubs, dressers, wardrobes, furnaces, ranges, mantels, grates and similar fixtures and articles, and each and every fixture and improvement, attached to or placed in the said building, to be used in connection therewith, shall form, part of the mortgaged premises, to be covered by and subject to the lien of the mortgage given to secure the advances herein provided for. The said Bond and

Mortgage are to be delivered on the........day of........,

19..., at.........___M., at the office of Lawyers Title and Trust

Company,.........., Borough of.........., City of New

York.

2. That the lender may deduct from any payment to be made under this agreement any amount necessary for the payment of any expenses relating to the examination of the title to the said premises or incurred in the procuring and making of the said loan, or in the payment of any incumbrance, tax, assessment or other charge or lien upon the said premises existing at any time, whether before or after the making of said loan, and apply such amounts in making said payments, and all sums so applied shall be deemed advances under this agreement and secured by said Bond and Mortgage.

3. The advances to be made upon the said Mortgage, and to be secured by said premises and the buildings and improvements, including all fixtures, to be thereon erected, shall be as the lender shall determine, but substantially in accordance with the following schedule:................

4. The lender may, at its option, upon the satisfactory completion of the said buildings, loan to the borrower a sum to be fixed by the lender, in addition to the amount herein agreed to be advanced as a building loan, which said additional sum, together with the amount of this building loan, shall then constitute a single loan upon said premises, to be secured by a mortgage, to be then executed and recorded, to run for such length of time and at such rate of interest as the lender may determine.

5. The lender agrees to make said loan and the borrower agrees to take said loan upon the terms and conditions above set forth, and also as follows:

I. That the borrower at the time fixed for the delivery of the Mortgage shall pay the charges for the examination of the title to the said premises, surveys and drawing of papers, and shall also pay the recording fees.

II. That the fees paid to the lender for the making of this loan are in accordance with the number of payments and inspections to be made as per the foregoing schedule. If any additional payments or inspections are requested by the borrower, other than provided for in the foregoing schedule, a charge of..........Dollars for each said inspection shall be made, as a payment for the additional inspection and continuation of searches, etc., but the lender is under no obligation to make any additional inspection or payment, and the making of same shall be entirely at the option of said lender.

III. That the lender may at any time release portions of the mortgaged premises upon receiving what, in the opinion of the lender, is a proper payment on account of the Mortgage debt.

IV. That the lender may require five days' notice in writing from the borrower before an advance shall be called for.

V. That no advance shall be due unless, in the judgment of the lender, all work usually done at the stage of construction when the advance is made payable be done in a good and workmanlike manner, and all material and fixtures usually furnished and installed at that time are furnished and installed, but the lender may advance parts or the whole of any instalments before they become due, if the lender believes it advisable so to do, and all such advances or payments shall be deemed to have been made in pursuance of this Agreement. A receipt for any advance may be made by any one of the parties constituting the borrower, if more than one person, with the same effect as if signed by all of such persons.