[Leasehold] Mortgage, Assignment of Leases and Rents and Security Agreement
(Acquisition Loan) (NY)

Summary

This template for a [leasehold] mortgage, assignment of leases and rents, security agreement and fixture filing is used in an acquisition loan transaction to secure the payment of indebtedness and obligations of borrower under the loan by granting an interest to the lender in borrower's real property located in New York. This template includes practical guidance, drafting notes, and alternate and optional clauses. The mortgage will be recorded in the applicable county recorder's office to provide notice to third parties of the mortgage lien on the property. This mortgage is suggested for use in New York; however, local counsel should be engaged to ensure that all state specific requirements are met and that the mortgage complies with New York law. This template may be used to secure borrower's leasehold interest in real property by inserting the bracketed terms throughout the Mortgage. For a short form New York mortgage see N.Y. Real Prop. Law § 258. For additional information on language to be included in New York mortgages see N.Y. Real Prop. Law § 254. For more information on real estate financing in New York, see Commercial Real Estate Financing (NY).