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, conditioned for the repayment of the amount advanced, on the......day of........19.., and interest thereon at the rate of six per cent per annum, payable semiannually, and containing a provision that if the borrower observe all the provisions of this agreement, and the building to be erected on the premises described in Schedule "A" be completed in accordance therewith, which completion shall be evidenced by the certificate.. of the lender, in form to be recorded, that then from and after such completion, the rate of interest shall be ........per cent per annum, payable semi-annually. Until said building

........completed, and such certificate........delivered, said loan shall be due on demand, at the option of the lender.

NOW, THEREFORE, the lender hereby accepts said application and agrees to make said loan, and the borrower agrees to take it, upon the following terms and conditions:

Said loan shall be secured by ........ mortgage.. duly executed and acknowledged by all persons necessary to make......valid lien.. on the premises described in Schedule A hereto annexed, of such a nature as the lender is willing to accept, the said bond.. and mortgage.. to contain the clauses usually employed by .......... in mortgages.

First

The borrower is to erect on said premises, .......................

....................................................:......................................................................

Second

Said loan is to be advanced at such times and in such amounts as the lender may approve, provided in the judgment of its appraiser the owner is entitled to an advance.

Third

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.

Fourth

The lender may require three days' notice in writing from the applicant before an advance shall be called for.

Fifth

No advance will be made unless in the judgment of the lender all work usually done at the stage of construction when the advance is made, be done in a good and workmanlike manner, and all material and fixtures usually furnished and installed at that time are furnished and installed.

Sixth

The lender or any holder of said bond.. and mortgage.. may extend the payment of the principal secured by said bond.. and mortgage.. and any extension so granted shall be deemed made in pursuance of this agreement and not to be a modification thereof.

Seventh

In either of the following events, no further advances will be made by the lender, and the bond.. and mortgage.. herein referred to shall become due.

1. If the mortgage offered by the borrower shall not give to the lender a lien for the indebtedness to be secured thereby on the premises above set forth, satisfactory to the lender.

2. If the lender shall not approve of the payment called for because of some act, encumbrance or question arising after the making of the preceding payment.

3. If the borrower assign this contract or said advances or any interest therein, or if said premises be conveyed or encumbered in any way without the consent of the lender.

4. If the improvements on said premises, or any building.. which may be erected upon said premises shall materially encroach upon the street or upon adjoining property.

5. If the building.. be not erected with reasonable speed and in a workmanlike manner.

6. If the improvements on said premises be materially injured or destroyed by fire or otherwise.

7. If the makers of said bond.. and mortgage.. shall fail to comply with any of the covenants therein contained.

8. If any materials, fixtures or articles used in the construction of the building. . or appurtenant thereto be not purchased by the owner of the land so that the ownership thereof will vest in said owner free from encumbrance, on delivery at the premises.

9. If the borrower do not erect said building.. in accordance with plans and specifications which are satisfactory to the lender and which have been approved by the Building and Tenement Department.

10. If the owners of said premises do not permit a representative of the lender to enter upon said premises and inspect the building.. thereon at all reasonable times during construction.

Eighth

The holder of the mortgage.. referred to reserves the right to decrease the total amount to be loaned under this agreement.

Ninth

So much of the loan as may be required for that purpose, shall be applied at any time that the lender so requires, to the payment or satisfaction and to the discharge of any existing mortgages or any encumbrance on the premises above described, and, under the direction of the applicant, to the payment of any fees, brokerage or other expenses incident to the obtaining or making of the loan contracted for.

IN WITNESS WHEREOF, the parties hereto have signed and sealed these presents the day and year first above written.

In the presence of:

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

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

(ACKNOWLEDGMENTS)

SCHEDULE A.

The mortgage herein referred to cover.. premises situate in the Borough of .......... of the City of New York, County of .......... and State of

New York, shown on the following diagram.