Agreement, made and dated October 1st, 1910, between Executive Realty Company, a corporation incorporated under the laws of the State of New York, hereinafter described as the seller, and Wilmot R. Wetmore, of the City of Boston, State of Massachusetts, hereinafter described as the purchaser;
Witnesseth: That in consideration of the sum of Twenty-five Thousand, Six Hundred Dollars ($25,600) to be fully paid as hereinafter mentioned, the seller hereby agrees to sell and convey, and the purchaser hereby agrees to purchase, All that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in the Borough of Manhattan, City, County and State of New York, known as No. 901-903 Grant Avenue, and bounded and described as follows: Beginning at a point on the Northerly side of Grant Avenue distant seventy-five (75) feet Easterly from the corner formed by the intersection of the Northerly side of Grant Avenue with the Easterly side of Madison Street, and running thence Northerly, parallel with Madison Street and part of the distance through a party wall, one hundred (100) feet; thence Easterly and parallel with Grant Avenue, fifty (50) feet; thence Southerly and again parallel with Madison Street and part of the distance through another party wall, one hundred (100) feet to the Northerly side of Grant Avenue, and thence Westerly and along the Northerly side of Grant Avenue, fifty (50) feet to the point or place of beginning;
Together with all the right, title and interest of the seller of, in and to the street or avenue in front of and adjacent to said premises to the centre line thereof;
Subject to covenants and restrictions, and railroad consents, if any; and also subject to monthly tenancies and any state of facts an accurate survey would show.
The price is Twenty-five Thousand, Six Hundred Dollars ($25,600), payable as follows:
Six Hundred Dollars ($600) on the signing of this contract, the receipt of which is hereby acknowledged;
Five Thousand Dollars ($5,000) in cash or certified check on the delivery of the deed as hereinafter provided;
Thirteen Thousand Dollars ($13,000) by the purchaser taking said premises subject to a mortgage for that amount, now a lien on said premises, the principal of which mortgage became due December 1, 1909, and bears interest at five per cent, payable May 1st and November 1st of each year;
1 See Chs. XXXVI and XXXVII, supra.
Seven Thousand Dollars ($7,000) by the purchaser (or his assigns) executing and delivering to the seller a bond for that amount, and also a purchase money mortgage for like amount, to accompany said bond, the principal of which shall become due and payable, Five Hundred Dollars ($500) on each interest day for five successive times, and the balance of principal, namely, Four Thousand, Five Hundred Dollars ($4,500), shall become due and payable on January 1, 1914, the unpaid principal to bear interest at six per cent, per annum, payable January 1 and July 1 of each year; and which mortgage is to contain the usual ten days' interest and instalment clauses, and twenty days' tax and assessment clauses, insurance, warranty and receiver's clauses, and such other clauses as are usually inserted in second mortgages drawn by the attorney for the seller, which bond and mortgage shall be drawn by the attorney for the seller, the cost of drawing same, and of recording the mortgage and any recording tax thereon, to be paid by the purchaser (or his assigns).1
The deed shall be delivered upon the receipt of said payments, at the office of Fred L. Gross at No. 189 Montague Street, Brooklyn, on December 1, 1910, at 11 A. M.
Rents, interest on mortgages, and insurance premiums, if any, are to be adjusted, apportioned and allowed up to the day of taking title (or day fixed for taking title).
The Seller Agrees that Friday & Lehmann are the brokers who brought about this sale and agrees to pay them the sum of Three Hundred Dollars ($300) brokers' commission therefor.
The Seller Further Agrees and hereby warrants that the sewer, gas and water are in the streets adjoining said premises and properly connected with said premises, and that there are no assessments, instalment or otherwise, against said premises.
The Seller Further Agrees that at the time herein fixed for closing of title, it will produce and deliver to the purchaser certificates of the Tenement House Department of The City of New York showing that the buildings and improvements on said premises have been inspected, passed and approved by said department, and also certifying to the right to have said premises occupied, and also proper proof that said buildings have been passed by the Building Department of The City of New York.
It is Agreed that said premises are to be conveyed free and clear of all violations of the Tenement House Department of The City of New York.
This sale covers all right, title and interest of the seller, of, in and to any land lying in the bed of any street, road or avenue, opened or proposed, in front of or adjoining said premises, to the centre line thereof, and all right, title and interest of the seller in and to any award made or to be made in lieu thereof, and the seller will execute and deliver to the purchaser, on closing of title, or thereafter on demand, all proper instruments for the conveyance of such title and the assignment and collection of such award.
If there be a water meter on the premises, the seller shall furnish a reading to a date not more than thirty days prior to the time herein set for
1 Where the property is to he conveyed subject to a first mortgage, and the purchase money mortgage will consequently be a second mortgage, the latter would ascend to the position of a first mortgage if the existing first mortgage is paid and satisfied. The result would be that the owner of the property could not obtain a new mortgage which would be prior in Hen to the purchase money mortgage. To avoid this situation, it is quite common to insert a clause in the contract somewhat as follows: " Said mortgage is to contain a clause subordinating the same to any new first mortgage of