THIS INDENTURE, made the ...... day of...... in the year nineteen hundred and ........ between .................... hereinafter described as party of the first part, and............his wife, and............hereinafter described as party of the second part

WHEREAS, the said .......... by virtue of a certain bond or obligation bearing even date herewith, ...... justly indebted to the said party of the second part in the sum of........dollars, lawful money of the United States, secured to be paid, together with the interest thereon, at the time and in the manner expressed in said bond or obligation.

IT BEING EXPRESSLY AGREED, that the whole of the principal sum shall become due after default in the payment of interest, taxes, or assessments, as hereinafter provided.

NOW THIS INDENTURE WITNESSETH, that the party of the first part, for the better securing the payment of the sum of money mentioned in the said bond or obligation, with the interest thereon, and also for and in consideration of one dollar paid by the party of the second part, the receipt whereof is hereby acknowledged, does hereby grant and release unto the party of the second part, and to...... and assigns forever, all .....................................

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TOGETHER with the appurtenances, and all the estate and rights of the party of the first part, in and to said premises, TO HAVE AND TO HOLD the above granted premises unto the party of the second part, .......... and assigns forever. PROVIDED ALWAYS, that if the party of the first part or the heirs, executors, or administrators of the party of the first part, shall pay unto the party of the second part, ...... or assigns, the said sum of money mentioned in the said bond or obligation, and the interest thereon, at the time and in the manner mentioned in the said bond or obligation, that then these presents and the estate hereby granted, shall cease, determine and be void.

AND the party of the first part covenants with the party of the second part as follows:

First. That the party of the first part will pay the indebtedness as provided in this mortgage and if default be made in the payment of any part thereof, the party of the second part shall have power to sell the premises herein described, according to law. Said premises may be sold in one parcel, any provision of law to the contrary notwithstanding.

Second. That the party of the first part will keep the building on the said premises insured against loss by fire for the benefit of the party of the second part. Should the party of the second part by reason of such insurance against loss by fire, as aforesaid, receive any sum or sums of money, such amount may be retained and applied by the party of the second part toward the payment of the sum hereby secured, or the same may be paid over either wholly or in part to the party of the first part,.................................or assigns, to enable the party of the first part to repair said buildings or to erect new buildings in their place, or for any other purpose or object satisfactory to the party of the second part, without affecting the lien of his mortgage for the full amount secured thereby before such damage by fire, or such payment over, took place.

Third. And it is hereby expressly agreed that the whole of the said principal sum shall become due at the option of the party of the second part after default in the payment of any tax or assessment for thirty days, or after default in the payment of any tax or assessment for thirty days after notice and demand, or after default for thirty days after notice and demand in the payment of any installment of any assessment for local improvements heretofore or hereafter laid which is or may become payable in annual installments, and which has affected, now affects or hereafter may affect the said premises, notwithstanding that such installment be not due and payable at the time of such notice and demand; and also, that the whole of the said principal sum shall become due at the option of the party of the second part upon any default in keeping the buildings on the premises insured against loss by fire as required by paragraph marked "second" above, or if after application by any holder of this mortgage to two or more fire insurance companies lawfully doing business in the State of New York, and issuing policies upon real property situate in the place where the mortgaged premises are situate, the companies to which such application has been made shall refuse to issue such policies.

Fourth. That the holder of this mortgage, in any action to foreclose it, shall be entitled, without notice and without regard to the adequacy of any security for the debt, to the appointment of a receiver of the rents and profits of said premises; and in the event of any default or defaults in paying said principal or interest, such rents and profits are hereby assigned to the holder of this mortgage as further security for the payment of said indebtedness.

Fifth. That until the amount hereby secured is paid, the party of the first part will pay all taxes, assessments and water rates which may be assessed or become liens on said premises, and, in default thereof, the holder of this mortgage may pay the same, and the party of the first part will repay the same with interest, and the same shall be liens on said premises and secured by this mortgage.

Sixth. In the event of the passage after the date of this mortgage of any law of the State of New York, deducting from the value of land for the purposes of taxation any lien thereon, or changing in any way the laws for the taxation of mortgages or debts secured by mortgage for State or local purposes, or the manner of the collection of any such taxes, so far as to affect this mortgage, the holder of this mortgage, and of the debt which it secures, shall have the right to give thirty days' written notice to the owner of said land requiring the payment of the mortgage debt, and it is hereby agreed that if such notice be given, the said debt shall become due, payable and collectible at the expiration of said thirty days.

Seventh. That the mailing of a written notice or demand by depositing it in any post office, station or letter box, enclosed in a post-paid envelope addressed to the owner of record of said mortgaged premises and directed to such owner at the last address actually furnished to the holder of this mortgage, or, if no such address has been furnished, then to such record owner at the mortgaged premises, shall be sufficient notice and demand in any case arising under this instrument.

Eighth. That the party of the first part will execute any further necessary assurance of the title to said premises, and will forever warrant said title.

Ninth. The party of the first part, and any subsequent owner of the premises described herein, upon request, made either personally or by mail, shall certify, by a writing duly acknowledged, to the party of the second part or to any proposed assignee of this mortgage, the amount of principal and interest then owing on this mortgage and whether any offsets or defences exist against the mortgage debt; upon failure to furnish such certificate after the expiration of six days in case the request is made personally, or after the expiration of thirty days after the mailing of such request in case the request is made by mail, this mortgage shall become due at the option of the holder thereof.

Tenth. If any action or proceeding be commenced by any person other than the holder of this mortgage (except an action to foreclose this mortgage or to collect the debt secured thereby) to which action or proceeding the holder of this mortgage is made a party, or in which it becomes necessary to defend or uphold the lien of this mortgage, all sums paid by the holder of this mortgage for the expense of any litigation to prosecute or defend the rights and liens created by this mortgage (including reasonable counsel fees), shall be paid by the party of the first part, together with interest thereon at the rate of six per cent per annum, and any such sum and the interest hereon shall be a lien on said premises, prior to any right, or title to interest in or claim upon said premises attaching or accruing subsequent to the lien of this mortgage, and shall be deemed to be secured by this mortgage and by the bond which it secures. In any action or proceeding to foreclose this mortgage, or to recover or collect the debt secured thereby, the provisions of law respecting the recovery of costs, disbursements and allowances shall prevail unaffected by this covenant.*

IN WITNESS WHEREOF, the said party of the first part has signed and sealed this instrument the day and year first above written.

Witness:

.................................. ......................... (seal).

(ACKNOWLEDGMENT)

*If subject to prior mortgage, add:

"This mortgage is subject and subordinate to two mortgages, one given to secure .......... dollars and interes and the other, .......... dollars and interest, respectively, now prior liens on said premises.

AND IT IS HEREBY EXPRESSLY AGREED, that should any default be made in the payment of the interest on either or both said prior mortgages, and should such interest remain unpaid and in arrears for the space of ten days, or should any suit be commenced to foreclose either said prior mortgages, then the amount secured by this mortgage and the accompanying bond shall become and be due and payable at any time thereafter at the option of the owner or holder of this mortgage.

AND IT IS HEREBY FURTHER EXPRESSLY AGREED, that should any default be made in the payment of the interest on either or both said prior mortgages, the holder of this mortgage may pay such interest, and the amount so paid, with legal interest, thereon from the time of such payment, may be added to the indebtedness secured by this mortgage and the accompanying bond, and shall be deemed to be secured by this mortgage and said bond, and may be collected thereunder."

If to be subordinated to new mortgage or building loan, insert: "This mortgage is and shall at all times be subject and subordinate in lien to the lien of a building loan mortgage and to any permanent first mortgage in an amount not exceeding ........ dollars and interest and to all amounts which may at any time be advanced thereon not exceeding in the aggregate

........dollars and interest and the holder of this mortgage agrees to execute any proper agreement to evidence such subordination."