Preview
FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009
NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022
EXHIBIT A
FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009
NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022
NYC DEPARTMENT OF FINANCE
OFFICE OF THE CITY REGISTER
This page is part of the instrument. The City
Register will rely on the information provided
by you on this page for purposes of indexing
this instrument. The information on this page
will control for indexing purposes in the event
of any conflict with the rest of the document.
2005052600490002002EOOF5
RECORDING AND ENDORSEMENT COVER PAGE PAGE 1 OF 31
Document ID: 2005052600490002 Document Date: 05-16-2005 Preparation Date: 05-26-2005
Document Type: AGREEMENT
Document Pa e Count: 29
PRESENTER: RETURN TO:
REALTY-SKYLINE RESEARCH LLC FIRST CENTRAL SAVINGS BANK
175 REMSEN STREET 35-01 30TH A VENUE
PARTNERS ASTORIA, NY 11103
BROOKLYN,NY 11201
718-306-1100
43990-NY
PROPERTY DATA
Borou2h Block Lot Unit Address
MANHATTAN 597 37 Entire Lot 533 GREENWICH STREET
Property Type: OTHER
CROSS REFERENCE DATA
CRFN: 2003000429701
PARTIES
PARTY 1: PARTY 2:
FIRST CENTRAL SAVINGS BANK BRIDGE ASSOCIATES OF SOHO, INC.
35-01 30TH A VENUE P.O. BOX 177
ASTORIA, NY 99999 WOODMERE, NY 11598
x Additional Parties Listed on Continuation Page
FEES AND TAXES
Mortgage Recording Fee: $ 182.00
Mort 1,600,000.00 Affidavit Fee: $ 8.00
0.00
0.00
RECORDED OR FILED IN THE OFFICE
TASF: 0.00 .~vt:+,;;~--. ~'-.
-~?F THE CITY REGISTER OF THE
MTA: 0.00 Ji' - \';ft -~. CITY OF NEW YORK
NYCTA: 0.00 ' ! -; Recorded/Filed 06-03-2005 17:03
Additional MRT: 0.00 City Register File No.(CRFN):
2005000326592
City Register Official Signature
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NASSAU COUNTY CLERK'S OFFICE
ENDORSEMENT COVER PAGE
Recorded Date: 10-25-2005 Record and Return To:
Recorded Time: 2:58:14 p FIRST CENTRAL SAVINGS BANK
35-01 30TH AVE
Liber Book: M 29601 ASTORIA, NY 11103
Pages From: 350
To: 383A
Control
Number: 2075
Ref#: cw 065625
Doc Type: MOB MORTGAGE AGREEMENT
Location: Section Block Lot Unit
HOLD:HEMPSTEAD (2820) 0039 00522-00 00025
HOLD:LONG BEACH (2810) 0059 00209-00 '00019
Taxes Total .00
Recording Totals 146.00
GJS00l Total Payment 146.00
THIS PAGE IS NOW PART OF THE INSTRUMENT AND SHOULD NOT BE REMOVED
KAREN V. MURPHY
COUNTY CLERK
Illllll lllll lllll lllll lllll
lllll lllll lllll lllll lllll lllll 111111111111111111
2005102502075
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NYC DEPARTMENT OF FINANCE
OFFICE OF THE CITY REGISTER
2005052600490002002C0275
RECORDING AND ENDORSEMENT COVER PAGE CONTINUATION PAGE 2 OF 31
Document ID: 2005052600490002 Document Date: 05-16-2005 Preparation Date: 05-26-2005
Document Type: AGREEMENT
PARTIES
PARTY 2:
ADAM D. LUCKNER
P.O. BOX 177
WOODMERE, NY 11598
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CONSOLIDATION, MODIFICATION AND EXTENSION AGREEMENT
AGREEMENT, made this May 16, 2005, between First Central Savings Bank, a Corporation
organized and existing under the laws of the State of New York, having its principal place of
business at 35-01 30th Avenue, Astoria, in the County of Queens, State of New York, hereinafter
referred to as ''the party of the first part", and Bridge Associates of SoHo, Inc. and Adam D.
Luckner, having an address at, P.O. Box 177,Woodmere, New York 11598, in the County of
Nassau, City and State of New York, hereinafter referred to as ''the party of the second part,"
WITNESSETH, that the party of the first part, the holder of the following mortgages and the notes
secured thereby, as follows:
(a) The mortgage made by BRIDGE ASSOCIATES OF SOHO, INC. in favor of FIRST
CENTRAL SAVINGS BANK, in the principal amount of$1,200,000.00, dated January 9,
2003, recorded October 20, 2003 in the Office of the 5-e~ster of New York County, State
ofNew York in CRFN #2003000429701. 1/ ti, ft:{ v..J- ]1000d
(b) The mortgage made by BRIDGE ASSOCIATES OF SOHO, INC. in favor of FIRST
CENTRAL SAVINGS BANK, in the principal amount of$4,416.97, dated May 24, 2004,
recorded September 1, 2004 in the Office of the Register of New York County, State of New
YorkinCRFN#2004000548045.~ ck,// {,.,~ JJJO
Mortgages (a) and (b) were consolidated, modified and extended by a Consolidation,
Modification and Extension Agreement made between FIRST CENTRAL SAVINOS BANK
and BRIDGE AS SOCIATES OF SOHO, INC., dated May 24, 2004, recorded September 1,
2004 in the Office of the Register of New York County, State of New York in CRFN
#2004000548046.
Mortgages (a) and (b) were consolidated to form a single lien in the principal amount of
$1,188,000.00.
(c) The mortgage made by BRIDGE ASSOCIATES OF SOHO, INC. AND ADAM D.
LUCKNER dated May 16, 2005, in favor of FIRST CENTRAL SAVINOS BANK, securing
the original principal amount of Four Hundred Twenty Three Thousand Four Hundred
Fifteen and 27/100 and 00/100 ($423,415.27) Dollars. This mortgage will be recorded
together with this Agreement.
WHEREAS, the party of the second part is now the owner in fee simple of the premises hereinafter
described; and
WHEREAS, the said party of the second part is now indebted to the party of the first part in the sum
of One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars lawful money of the
United States, with interest thereon as hereinafter provided, secured by the aforesaid mortgages held
by the party of the first part, and
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WHEREAS, the parties hereto desire to modify said mortgages, above described, so as to consolidate
and coordinate the liens of each of the aforesaid mortgages so that the same shall together constitute
in law but one joint lien and first mortgage upon the premises hereinafter described securing the
payment of the sum of One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars
and interest, to be paid as hereinafter provided; and
NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements
of the parties herein contained, and of other good and valuable consideration, and of the sum of one
($1.00) Dollar lawful money of the United States, to each party by the other in hand paid, receipt
whereof is hereby duly severally acknowledged, and for the purpose of carrying out the intentions
above expressed, the parties hereto covenant and agree as follows:
That the liens of said mortgages, above described, be and the same hereby are consolidated and
coordinated so that the same shall and now do constitute a valid single first mortgage lien securing
the principal sum ofOne Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars and
interest to be paid as hereinafter provided, upon the premises described in attached "Schedule A";
TOGETHER, with all right, title and interest of, in and to any streets and roads abutting the above
described premises;
That the liens of said mortgages, as so coordinated, shall be deemed and construed from the date
hereof to run concurrently as one mortgage and lawfully constitute a valid, single, first mortgage lien
upon the premises hereinabove described, securing the payment of the principal sum of One Million
Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars with interest thereon as hereinafter
provided, with the same force and effect as if the party of the first part were the holder of a single
first mortgage made, executed and delivered by the party of the second part herein to the party of the
first part herein and securing the payment of said principal sum with interest thereon as aforesaid,
to be paid as hereinafter provided.
UPON, the aforesaid consideration the party of the first part hereby extends the time of payment of
the mortgages described herein and hereby modifies the manner of payment of said principal sum
of One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars lawful money of the
United States, secured by the aforesaid the party of the first part, as consolidated by this Agreement,
so that the same shall become consolidated by this Agreement, so that the same shall become due
and payable on December 1, 2005 and the said payment shall be made at the principal office of the
party of the first part, during business hours with interest thereon to be computed as follows:
The initial rate of interest under this Note shall be 8. 75% per annum. Provided the borrower is not
in default, the borrower may elect to extend the loan an additional six (6) month period from the
maturity dated stated herein. The rate of interest for this additional six (6) month period will be
adjusted so that it is equal to 500 basis points (5.00%) (the "Margin") above the monthly average
yield on United States Treasury Securities adjusted to a constant maturity of six months (the
"Index"), as most recently published by the Federal Reserve Board as of the date 30 days prior to the
sixth month from the closing date. In no event shall the interest rate for this additional six (6) month
period be less than the initial interest rate hereunder.
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This Note shall repaid in monthly installments of principal and interest, with the first installment due
and payable on July 1, 2005 and all subsequent installment payments will be due and payable on the
first day of each and every month thereafter until December 1, 2005 (the "Maturity Date"), when the
entire remaining principal balance of this Note plus any unpaid interest and all other amounts owing
under this Note or the Mortgage (as defined below) will be due and payable in full. Each installment
of principal and interest will be $13,154.30 until changed as set forth in this paragraph. The amount
of the monthly installment will be recalculated as of December 1, 2005 in the event the option is
exercised. The monthly installment payment due beginning with the first payment due on December
1st, 2005 shall be the amount required to repay the then unpaid principal, with interest at the interest
rate then in effect to amortize for the remainder of the amortization period, with the final payment
due on June 1, 2006.
The monthly payments of principal and interest are based upon a twenty five (25) year payout
schedule; payable in full on December 1, 2005, or in the event the option is exercised, then June 1,
2006.
Interest after default or maturity hereunder shall be at the rate of twenty-four percent (24%) per
annum (the "Default Rate"), and such rate shall continue after judgment until payment of the entire
sum owed hereunder. If the time for payment hereof is extended by operation of law, interest at the
rate set forth above shall be due and payable during any such extension.
Interest shall be calculated based on a 360 day year with twelve months of 30 days each.
Payments received hereunder shall be applied first to the payment of any advances, penalties or late
charges owed by or made for the account of the party of the second part whether pursuant to this
Note or otherwise and other amounts owed as the result of any default by the party of the second
part, then to interest due on this Note, and then to the reduction of the principal sum due. The party
of the second part agrees to pay forthwith with a late charge of five (5%) percent of each payment
or part thereof which is not paid within fifteen (15) days if its due date. Interest shall continue to
accrue at the rates provided herein on the principal balance outstanding from time to time until
actually paid.
NOW, THEREFORE, the party of the second part covenants with the party of the first part as
follows:
1. Warranties. The party of the second part warrants and certifies to the party of the first part
as follows:
(a) That the full amount of principal and accrued interest now owing on the Agreement
is One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars (the
unpaid balance of which; from time to time, including accrued but unpaid interest,
and all other amounts due and owing from the party of the second part to the party
of the first part under the Note and this Agreement are sometimes referred to in this
Agreement as the "Indebtedness").
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(b) That there are no defenses, counterclaims, crossclaims or other claims, demands or
offsets of any nature whatsoever which can be asserted to: (i) reduce or eliminate all
or any part of the party of the second part's liability under the Note or (ii)seek
affirmative relief or damages from the party of the first part.
(c) That all of the provisions of the Note, this Agreement, and any guaranty thereof are
in full force and effect.
(d) That any and all liens and security interests in real and personal property held by the
party of the first part to secure all or any part of the Indebtedness are first priority
liens or security interests in full force and effect, and there are no defenses to such
liens or security interests.
(e) That neither the party of the second part nor any guarantor has (i) filed a petition
seeking relief under any provision of any bankruptcy, reorganization, arrangement
or dissolution law of any jurisdiction; (ii) made any assignments for the benefit of
creditors; (iii) had a receiver, custodian, liquidator or trustee appointed by court
order; or (iv) failed to pay, or admitted in writing an inability to pay debts, generally
as they have become due.
(f). The party of the second part has full power and authority to own and operate the
premises. The execution and delivery of this Agreement, the Note and any building
loan agreement, security agreement or other agreement purporting to be executed by
the party of the second part in connection with the Note or the loan evidenced thereby
(collectively referred to herein as the "Loan Documents") have been duly authorized
by the party of the second part and all of the Loan Documents constitute the valid and
binding obligations of the party of the second part, enforceable in accordance with
their terms.
2. Partial Payment. If the party of the first part shall receive from or on behalf of the party
of the second part any sum less than the full amount then due and payable, the party of the
first part may, but shall not be obligated to, accept the same (regardless of any endorsement
or condition expressed by the party of the second part with respect to such partial payment)
and if it elects to accept any such payment, it may hold the same or any part thereof, without
liability for interest, in a special account and it may from time to time apply the same or any
part thereof to the Indebtedness or to the payment of any taxes, assessments, sewer or water
charges or insurance premiums desirable to maintain the lien of this Agreement or to any
expenses, including costs and reasonable attorneys' fees and disbursements, incurred by the
party of the first part in attempting to collect any amount owing on the Indebtedness and in
bringing foreclosure proceedings with respect to this Agreement. The acceptance of partial
payment shall in no way waive any right of the party of the first part to insist upon the full
payment of all amounts due and owing. The acceptance of partial payments after default,
acceleration or maturity by the party of the first part shall not waive such default or
acceleration, extend the maturity or reinstate the right of the party of the second part to pay
the Note in installments.
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3. Insurance.
(a) The party of the second part will keep the buildings on the premises insured against
loss by fire for the benefit of the party of the first part; the party of the second part
will assign and deliver the policies to the party of the first part; and the party of the
second part will reimburse the party of the first part for any premiums paid for
insurance made by the party of the first part on the party of the second part's default
in so insuring the buildings or in so assigning and delivering the policies. All
renewal policies shall be delivered, and premiums paid, at least ten (10) days
before the expiration of the prior insurance policy. Anything herein to the contrary
notwithstanding, no duty to maintain such insurance shall be implied against or
imposed on the party of the first part. Fire and hazard insurance shall be not less than
the greater of (i) 100% of the full insurable value of the buildings and improvements
on the premises or (ii) the remaining balance of the Indebtedness. Fire insurance may
be limited to 100% of the full insurable value of the buildings and improvements
notwithstanding the amount ofthe Indebtedness if the insurance policy includes a full
replacement cost guaranty. The party of the second part shall carry such additional
insurance as the party of the first part shall request, including but not limited to, war
risk, business interruption or, if the party of the second part undertakes any form of
rehabilitation or reconstruction of the premises, builder's risk insurance. The party
of the second part shall also at all times maintain general liability insurance covering
its operations in an amount not less than $1,000,000.00 per occurrence,
$2,000,000.00 aggregate, with reasonable deductibles, naming the party of the first
part as an additional insured. All insurance carriers are subject to prior approval of
the party of the first part and all policies concerning multifamily residential properties
must insure against risk of personal injury or property damage as a result of lead-
based paint exposure.
(b) If the party of the first part by reason of such insurance receives any money for loss
or damage, then the party of the first part shall have the right in its sole discretion
either to apply the proceeds of such insurance in reduction of the amount owed under
the Note and this Agreement, or in lieu thereof to allow the provisions of Section 254
of the New York Real Property Law to apply to the determination of whether and
how such proceeds shall be available to the party of the second part. The party of the
first part shall not be obligated to see to the proper application of any amount paid
over to the party of the second part, and if the party of the first part receives and
retains insurance money for loss or damage to the premises, the lien hereof shall be
reduced only by the amount of such insurance money received and retained by the
party of the first part. If any provision under this paragraph shall be interpreted by a
court of competent jurisdiction as an unlawful waiver of any statutory right ofa third
party, then such provision shall be deemed ineffective.
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(c) All policies of insurance, including the unearned premiums paid thereon, are hereby
assigned to the party of the first part as further security for the Indebtedness and the
lien of this Agreement shall continue as a lien against the proceeds of any such
insurance.
(d) On the party of the first part's demand, the party of the second part will deliver to the
party of the first part a certificate of adequacy or other proof acceptable to the party
of the first part showing that the fire or any other insurance coverage is equal to the
percentage of insurable value so required.
(e) All insurance policies shall be in such form and amount, and with such carriers, as
is satisfactory to the party of the first part.
(f) All fire and hazard insurance policies shall contain the usual extended coverage
endorsement.
(g) The party of the second part shall notify the party of the first part within fourteen ( 14)
days of the occurrence of any event giving rise to a right to make any claim under any
such insurance policy.
4. Alterations. No building on the premises shall be materially altered, removed or demolished
without the consent of the party of the first part.
5. Maintenance of Premises. The party of the second part shall maintain the premises in good
condition and repair, shall not commit or suffer any waste of the premises, and neither the
value of the premises nor the lien of this Agreement will be diminished or impaired in any
way by any act or omission of the party of the second part. the party of the second part will
not do or permit to be done to, in, upon or about said premises or any part thereof, anything
that may in any way impair or depreciate the value thereof, or any part thereof, or weaken,
diminish or impair the security of this Agreement or increase any fire, casualty or other
hazard risk to the premises. the party of the second part shall comply with, or cause to be
complied with, all statutes, ordinances and requirements of any governmental authority
relating to the premises. The party of the second part shall promptly repair, restore, replace
or rebuild any part of the premises now or hereafter subject to the lien of this Agreement
which may be damaged or destroyed by any casualty whatsoever, or which may be affected
by any proceeding in the nature of condemnation. the party of the second part shall not seek,
obtain or consent to any restrictive covenant, zoning change, variance, landmark designation
or other similar matter which could have the effect of limiting the improvement, use,
occupancy or transferability of the premises. If the use of the premises constitutes, or at any
time hereafter constitutes, a non-conforming use under any zoning ordinance, then the party
of the second part may not take any action which would cause such non-conforming use to
be abandoned or waived, or which would cause the premises to lose the right to continue
such non-conforming use.
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6. Danger of Loss. If, in the opinion of the party of the first part, the premises, or any building,
structure, improvement, fixture or personal property thereon, are in danger of destruction or
deterioration, the party of the first part may, without notice or demand, enter upon the
premises and may perform such acts thereon or with respect thereto as it may deem suitable
for preservation or protection of the premises or such building, structure, improvement,
fixture or personal property. the party of the first part may thereafter leave the premises or
hold possession thereof at its option, provided, however, that, if prior advance notice or
demand is required by law, the party of the second part agrees that five (5) days advance
notice of intent to enter the premises shall at all times be deemed reasonable unless a shorter
period is permitted by law.
7. Default. The whole of said principal sum and interest shall become due at the option of the
party of the firstpart: after default in the payment of any installment of principal or of
interest for ten (10) days; or after default in the payment of any tax, water rate, sewer rent or
assessment for thirty (30) days after notice and demand; or after default after notice and
demand either in assigning and delivering the policies insuring the buildings against loss by
fire or in reimbursing the party of the first part for premiums paid on such insurance, as
hereinbefore provided; or after default upon request in furnishing a statement of the amount
due on this Agreement and whether any offsets or defenses exist against the Indebtedness.
An assessment which has been made payable in installments at the application of the party
of the second part or lessee of the premises shall nevertheless, for the purpose of this
paragraph, be deemed due and payable in its entirety on the day the first installment becomes
due or payable or a lien.
8. Additional Defaults. In addition to the defaults set forth in paragraph 7, the whole of said
principal sum and the interest and all other amounts secured by this Agreement shall become
due at the option of the party of the first part, without further notice except as expressly set
forth herein:
(a) After failure to provide to the party of the first part, within fifteen (15) days after
demand, copies of receipts showing payment of all taxes, water rates, sewer rents and
assessments; or
(b) After the actual or threatened demolition, removal or material alteration (other than
a planned alteration as described in a building loan contract, if any, between the party
of the second part and the party of the first part of even date herewith) of any building
on the premises without the written consent of the party of the first part; or
(c) After the assignment of the rents of the premises or any part thereof without the
written consent of the party of the first part; or
(d) If the buildings, fixtures and equipment on said premises are not maintained in
reasonably good repair; or
(e) After failure to comply with any requirement or order or notice or violation of law
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or ordinance issued by any governmental department claiming jurisdiction over the
premises within three (3) months from the issuance thereof; or
(f) If, on application of the party of the first part, two or more fire insurance companies
lawfully doing business in the State of New York refuse to issue policies insuring the
buildings on the premises; or
(g) In the event of the removal, demolition or destruction in whole or in part of any of
the fixtures, chattels or articles of personal property covered hereby, unless the same
are promptly replaced by similar fixtures, chattels or articles of personal property of
equal value and suitability, owned by the party of the second part free of security
interests, liens or other encumbrances thereon and free from any reservation of title
thereto; or
(h) After thirty (30) days' notice to the party of the second part, in the event of the
passage of any law deducting from the value ofland for the purposes of taxation any
lien thereon, or changing in any way the taxation of mortgages or debts secured
thereby for state or local purposes; or
(i) If the party of the second part fails to keep, observe and perform any of the other
covenants, conditions or agreements contained in the Loan Documents, or if an event
of default occurs under any of them, or if any representation contained therein shall
be false, or if any warranty contained therein shall be breached; or
G) After use of the premises in any way that violates any governmental law, ordinance,
rule, regulation or requirement or which could result in the commencement of
forfeiture proceedings with respect to the premises; or
(k) If any representation, warranty, certificate, statement, or financial data heretofore or
hereafter furnished by or on behalf of the party of the second part pursuant to or in
connection with this Agreement (including, without limitation, representations and
warranties contained herein or in the Loan Documents) proves to be or have been
false or misleading in any material respect or to have omitted any substantial
contingent or unliquidated liability or claim against the party of the second part; or
(1) In the event any action is commenced for the forfeiture of all or any part of the
premises or to foreclose upon any mortgage, lease, or lien affecting the premises
which is, in whole or in part, either superior or subordinate to the lien of this
Agreement; or
(m) If the intended use of the premises existing as of the date hereof shall hereafter be
changed in any material respect; or
(n) If, by order of a court of competent jurisdiction, a trustee, receiver or liquidator of the
premises, or any part thereof, shall be appointed, or if at any time the party of the
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second part, or any partner of the party of the second part (if a partnership) or any
guarantor of the Note, this Agreement, or the other Loan Documents shall be
insolvent, shall grant a general assignment for the benefit of creditors, shall be placed
in receivership, shall file or have filed against it a petition for relief under the United
States Bankruptcy Code, or shall be dissolved, or if the filing of any petition by or
against the party of the second part with respect to any of the foregoing shall occur;
or
(o) If final judgment for the payment of money shall be rendered against the party of the
second part, or any guarantor of the Note, this Agreement, or and of the other Loan
Documents, in an amount in excess of $25,000.00, and the party of the second part
or such guarantor shall not discharge the same or cause it to be discharged within
sixty ( 60) days from the entry thereof, or shall not appeal therefrom or from the order,
decree or process upon which or pursuant to which said judgment was granted, based
or entered, and secure and maintain a stay of execution of such judgment; or
(p) If it shall be illegal for the party of the second part to pay any tax, assessment, charge,
fee, rent or other expense required to be paid under the Note or this Agreement or if
the payment of such tax, assessment, charge, fee, rent or other expense by the party
of the second part would result in the violation of applicable usury laws; or
(q) If the party of the second part, or any guarantor of the Note, this Agreement or any
of the other Loan Documents, shall be in default under any of the terms, covenants
or conditions of any note, mortgage, instrument or document evidencing, securing or
executed in connection with any other indebtedness owed by the party of the second
part or such guarantor to the party of the first part.
9. Sale in One Parcel. In case of a foreclosure sale, said premises, or so much thereof as may
be affected by this Agreement, may be sold in one parcel. If, in a foreclosure sale, the
premises are not sold in one parcel, then the party of the first part shall be permitted to have
the same sold in such order as the party of the first part determines, at the same time or
separately, in the party of the first part's sole discretion. The party of the first part shall not
be required to obtain a deficiency judgment, or any other court approval, after the sale of any
parcel in order for any other parcel to be sold. Neither the party of the first part nor any
referee shall be required to submit any report to the court or account for the proceeds from
the sale of any parcel until all parcels are sold. The party of the first part shall have the right,
ifit so elects, to foreclose this Agreement as to a portion of the premises without foreclosing
this Agreement as to the remainder of the premises, and upon doing so this Agreement shall
remain a valid and enforceable lien against the portion of the premises not subject to such
foreclosure for the full amount remaining owed to the party of the first part. If the
Indebtedness is secured by separate mortgages on different properties, then the party of the
first part may likewise foreclose said mortgages in such order as it determines, either at the
same time or separately, in the party of the first part's sole discretion.
9
FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009
NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022
10. Collection Costs. In any action to foreclose this Agreement, or any action to collect any debt
secured by this Agreement or created hereunder, or any other action arising her
Preview
FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 EXHIBIT A FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 NYC DEPARTMENT OF FINANCE OFFICE OF THE CITY REGISTER This page is part of the instrument. The City Register will rely on the information provided by you on this page for purposes of indexing this instrument. The information on this page will control for indexing purposes in the event of any conflict with the rest of the document. 2005052600490002002EOOF5 RECORDING AND ENDORSEMENT COVER PAGE PAGE 1 OF 31 Document ID: 2005052600490002 Document Date: 05-16-2005 Preparation Date: 05-26-2005 Document Type: AGREEMENT Document Pa e Count: 29 PRESENTER: RETURN TO: REALTY-SKYLINE RESEARCH LLC FIRST CENTRAL SAVINGS BANK 175 REMSEN STREET 35-01 30TH A VENUE PARTNERS ASTORIA, NY 11103 BROOKLYN,NY 11201 718-306-1100 43990-NY PROPERTY DATA Borou2h Block Lot Unit Address MANHATTAN 597 37 Entire Lot 533 GREENWICH STREET Property Type: OTHER CROSS REFERENCE DATA CRFN: 2003000429701 PARTIES PARTY 1: PARTY 2: FIRST CENTRAL SAVINGS BANK BRIDGE ASSOCIATES OF SOHO, INC. 35-01 30TH A VENUE P.O. BOX 177 ASTORIA, NY 99999 WOODMERE, NY 11598 x Additional Parties Listed on Continuation Page FEES AND TAXES Mortgage Recording Fee: $ 182.00 Mort 1,600,000.00 Affidavit Fee: $ 8.00 0.00 0.00 RECORDED OR FILED IN THE OFFICE TASF: 0.00 .~vt:+,;;~--. ~'-. -~?F THE CITY REGISTER OF THE MTA: 0.00 Ji' - \';ft -~. CITY OF NEW YORK NYCTA: 0.00 ' ! -; Recorded/Filed 06-03-2005 17:03 Additional MRT: 0.00 City Register File No.(CRFN): 2005000326592 City Register Official Signature FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 NASSAU COUNTY CLERK'S OFFICE ENDORSEMENT COVER PAGE Recorded Date: 10-25-2005 Record and Return To: Recorded Time: 2:58:14 p FIRST CENTRAL SAVINGS BANK 35-01 30TH AVE Liber Book: M 29601 ASTORIA, NY 11103 Pages From: 350 To: 383A Control Number: 2075 Ref#: cw 065625 Doc Type: MOB MORTGAGE AGREEMENT Location: Section Block Lot Unit HOLD:HEMPSTEAD (2820) 0039 00522-00 00025 HOLD:LONG BEACH (2810) 0059 00209-00 '00019 Taxes Total .00 Recording Totals 146.00 GJS00l Total Payment 146.00 THIS PAGE IS NOW PART OF THE INSTRUMENT AND SHOULD NOT BE REMOVED KAREN V. MURPHY COUNTY CLERK Illllll lllll lllll lllll lllll lllll lllll lllll lllll lllll lllll 111111111111111111 2005102502075 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 NYC DEPARTMENT OF FINANCE OFFICE OF THE CITY REGISTER 2005052600490002002C0275 RECORDING AND ENDORSEMENT COVER PAGE CONTINUATION PAGE 2 OF 31 Document ID: 2005052600490002 Document Date: 05-16-2005 Preparation Date: 05-26-2005 Document Type: AGREEMENT PARTIES PARTY 2: ADAM D. LUCKNER P.O. BOX 177 WOODMERE, NY 11598 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 CONSOLIDATION, MODIFICATION AND EXTENSION AGREEMENT AGREEMENT, made this May 16, 2005, between First Central Savings Bank, a Corporation organized and existing under the laws of the State of New York, having its principal place of business at 35-01 30th Avenue, Astoria, in the County of Queens, State of New York, hereinafter referred to as ''the party of the first part", and Bridge Associates of SoHo, Inc. and Adam D. Luckner, having an address at, P.O. Box 177,Woodmere, New York 11598, in the County of Nassau, City and State of New York, hereinafter referred to as ''the party of the second part," WITNESSETH, that the party of the first part, the holder of the following mortgages and the notes secured thereby, as follows: (a) The mortgage made by BRIDGE ASSOCIATES OF SOHO, INC. in favor of FIRST CENTRAL SAVINGS BANK, in the principal amount of$1,200,000.00, dated January 9, 2003, recorded October 20, 2003 in the Office of the 5-e~ster of New York County, State ofNew York in CRFN #2003000429701. 1/ ti, ft:{ v..J- ]1000d (b) The mortgage made by BRIDGE ASSOCIATES OF SOHO, INC. in favor of FIRST CENTRAL SAVINGS BANK, in the principal amount of$4,416.97, dated May 24, 2004, recorded September 1, 2004 in the Office of the Register of New York County, State of New YorkinCRFN#2004000548045.~ ck,// {,.,~ JJJO Mortgages (a) and (b) were consolidated, modified and extended by a Consolidation, Modification and Extension Agreement made between FIRST CENTRAL SAVINOS BANK and BRIDGE AS SOCIATES OF SOHO, INC., dated May 24, 2004, recorded September 1, 2004 in the Office of the Register of New York County, State of New York in CRFN #2004000548046. Mortgages (a) and (b) were consolidated to form a single lien in the principal amount of $1,188,000.00. (c) The mortgage made by BRIDGE ASSOCIATES OF SOHO, INC. AND ADAM D. LUCKNER dated May 16, 2005, in favor of FIRST CENTRAL SAVINOS BANK, securing the original principal amount of Four Hundred Twenty Three Thousand Four Hundred Fifteen and 27/100 and 00/100 ($423,415.27) Dollars. This mortgage will be recorded together with this Agreement. WHEREAS, the party of the second part is now the owner in fee simple of the premises hereinafter described; and WHEREAS, the said party of the second part is now indebted to the party of the first part in the sum of One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars lawful money of the United States, with interest thereon as hereinafter provided, secured by the aforesaid mortgages held by the party of the first part, and FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 WHEREAS, the parties hereto desire to modify said mortgages, above described, so as to consolidate and coordinate the liens of each of the aforesaid mortgages so that the same shall together constitute in law but one joint lien and first mortgage upon the premises hereinafter described securing the payment of the sum of One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars and interest, to be paid as hereinafter provided; and NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements of the parties herein contained, and of other good and valuable consideration, and of the sum of one ($1.00) Dollar lawful money of the United States, to each party by the other in hand paid, receipt whereof is hereby duly severally acknowledged, and for the purpose of carrying out the intentions above expressed, the parties hereto covenant and agree as follows: That the liens of said mortgages, above described, be and the same hereby are consolidated and coordinated so that the same shall and now do constitute a valid single first mortgage lien securing the principal sum ofOne Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars and interest to be paid as hereinafter provided, upon the premises described in attached "Schedule A"; TOGETHER, with all right, title and interest of, in and to any streets and roads abutting the above described premises; That the liens of said mortgages, as so coordinated, shall be deemed and construed from the date hereof to run concurrently as one mortgage and lawfully constitute a valid, single, first mortgage lien upon the premises hereinabove described, securing the payment of the principal sum of One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars with interest thereon as hereinafter provided, with the same force and effect as if the party of the first part were the holder of a single first mortgage made, executed and delivered by the party of the second part herein to the party of the first part herein and securing the payment of said principal sum with interest thereon as aforesaid, to be paid as hereinafter provided. UPON, the aforesaid consideration the party of the first part hereby extends the time of payment of the mortgages described herein and hereby modifies the manner of payment of said principal sum of One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars lawful money of the United States, secured by the aforesaid the party of the first part, as consolidated by this Agreement, so that the same shall become consolidated by this Agreement, so that the same shall become due and payable on December 1, 2005 and the said payment shall be made at the principal office of the party of the first part, during business hours with interest thereon to be computed as follows: The initial rate of interest under this Note shall be 8. 75% per annum. Provided the borrower is not in default, the borrower may elect to extend the loan an additional six (6) month period from the maturity dated stated herein. The rate of interest for this additional six (6) month period will be adjusted so that it is equal to 500 basis points (5.00%) (the "Margin") above the monthly average yield on United States Treasury Securities adjusted to a constant maturity of six months (the "Index"), as most recently published by the Federal Reserve Board as of the date 30 days prior to the sixth month from the closing date. In no event shall the interest rate for this additional six (6) month period be less than the initial interest rate hereunder. 2 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 This Note shall repaid in monthly installments of principal and interest, with the first installment due and payable on July 1, 2005 and all subsequent installment payments will be due and payable on the first day of each and every month thereafter until December 1, 2005 (the "Maturity Date"), when the entire remaining principal balance of this Note plus any unpaid interest and all other amounts owing under this Note or the Mortgage (as defined below) will be due and payable in full. Each installment of principal and interest will be $13,154.30 until changed as set forth in this paragraph. The amount of the monthly installment will be recalculated as of December 1, 2005 in the event the option is exercised. The monthly installment payment due beginning with the first payment due on December 1st, 2005 shall be the amount required to repay the then unpaid principal, with interest at the interest rate then in effect to amortize for the remainder of the amortization period, with the final payment due on June 1, 2006. The monthly payments of principal and interest are based upon a twenty five (25) year payout schedule; payable in full on December 1, 2005, or in the event the option is exercised, then June 1, 2006. Interest after default or maturity hereunder shall be at the rate of twenty-four percent (24%) per annum (the "Default Rate"), and such rate shall continue after judgment until payment of the entire sum owed hereunder. If the time for payment hereof is extended by operation of law, interest at the rate set forth above shall be due and payable during any such extension. Interest shall be calculated based on a 360 day year with twelve months of 30 days each. Payments received hereunder shall be applied first to the payment of any advances, penalties or late charges owed by or made for the account of the party of the second part whether pursuant to this Note or otherwise and other amounts owed as the result of any default by the party of the second part, then to interest due on this Note, and then to the reduction of the principal sum due. The party of the second part agrees to pay forthwith with a late charge of five (5%) percent of each payment or part thereof which is not paid within fifteen (15) days if its due date. Interest shall continue to accrue at the rates provided herein on the principal balance outstanding from time to time until actually paid. NOW, THEREFORE, the party of the second part covenants with the party of the first part as follows: 1. Warranties. The party of the second part warrants and certifies to the party of the first part as follows: (a) That the full amount of principal and accrued interest now owing on the Agreement is One Million Six Hundred Thousand and 00/100 ($1,600,000.00) Dollars (the unpaid balance of which; from time to time, including accrued but unpaid interest, and all other amounts due and owing from the party of the second part to the party of the first part under the Note and this Agreement are sometimes referred to in this Agreement as the "Indebtedness"). 3 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 (b) That there are no defenses, counterclaims, crossclaims or other claims, demands or offsets of any nature whatsoever which can be asserted to: (i) reduce or eliminate all or any part of the party of the second part's liability under the Note or (ii)seek affirmative relief or damages from the party of the first part. (c) That all of the provisions of the Note, this Agreement, and any guaranty thereof are in full force and effect. (d) That any and all liens and security interests in real and personal property held by the party of the first part to secure all or any part of the Indebtedness are first priority liens or security interests in full force and effect, and there are no defenses to such liens or security interests. (e) That neither the party of the second part nor any guarantor has (i) filed a petition seeking relief under any provision of any bankruptcy, reorganization, arrangement or dissolution law of any jurisdiction; (ii) made any assignments for the benefit of creditors; (iii) had a receiver, custodian, liquidator or trustee appointed by court order; or (iv) failed to pay, or admitted in writing an inability to pay debts, generally as they have become due. (f). The party of the second part has full power and authority to own and operate the premises. The execution and delivery of this Agreement, the Note and any building loan agreement, security agreement or other agreement purporting to be executed by the party of the second part in connection with the Note or the loan evidenced thereby (collectively referred to herein as the "Loan Documents") have been duly authorized by the party of the second part and all of the Loan Documents constitute the valid and binding obligations of the party of the second part, enforceable in accordance with their terms. 2. Partial Payment. If the party of the first part shall receive from or on behalf of the party of the second part any sum less than the full amount then due and payable, the party of the first part may, but shall not be obligated to, accept the same (regardless of any endorsement or condition expressed by the party of the second part with respect to such partial payment) and if it elects to accept any such payment, it may hold the same or any part thereof, without liability for interest, in a special account and it may from time to time apply the same or any part thereof to the Indebtedness or to the payment of any taxes, assessments, sewer or water charges or insurance premiums desirable to maintain the lien of this Agreement or to any expenses, including costs and reasonable attorneys' fees and disbursements, incurred by the party of the first part in attempting to collect any amount owing on the Indebtedness and in bringing foreclosure proceedings with respect to this Agreement. The acceptance of partial payment shall in no way waive any right of the party of the first part to insist upon the full payment of all amounts due and owing. The acceptance of partial payments after default, acceleration or maturity by the party of the first part shall not waive such default or acceleration, extend the maturity or reinstate the right of the party of the second part to pay the Note in installments. 4 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 3. Insurance. (a) The party of the second part will keep the buildings on the premises insured against loss by fire for the benefit of the party of the first part; the party of the second part will assign and deliver the policies to the party of the first part; and the party of the second part will reimburse the party of the first part for any premiums paid for insurance made by the party of the first part on the party of the second part's default in so insuring the buildings or in so assigning and delivering the policies. All renewal policies shall be delivered, and premiums paid, at least ten (10) days before the expiration of the prior insurance policy. Anything herein to the contrary notwithstanding, no duty to maintain such insurance shall be implied against or imposed on the party of the first part. Fire and hazard insurance shall be not less than the greater of (i) 100% of the full insurable value of the buildings and improvements on the premises or (ii) the remaining balance of the Indebtedness. Fire insurance may be limited to 100% of the full insurable value of the buildings and improvements notwithstanding the amount ofthe Indebtedness if the insurance policy includes a full replacement cost guaranty. The party of the second part shall carry such additional insurance as the party of the first part shall request, including but not limited to, war risk, business interruption or, if the party of the second part undertakes any form of rehabilitation or reconstruction of the premises, builder's risk insurance. The party of the second part shall also at all times maintain general liability insurance covering its operations in an amount not less than $1,000,000.00 per occurrence, $2,000,000.00 aggregate, with reasonable deductibles, naming the party of the first part as an additional insured. All insurance carriers are subject to prior approval of the party of the first part and all policies concerning multifamily residential properties must insure against risk of personal injury or property damage as a result of lead- based paint exposure. (b) If the party of the first part by reason of such insurance receives any money for loss or damage, then the party of the first part shall have the right in its sole discretion either to apply the proceeds of such insurance in reduction of the amount owed under the Note and this Agreement, or in lieu thereof to allow the provisions of Section 254 of the New York Real Property Law to apply to the determination of whether and how such proceeds shall be available to the party of the second part. The party of the first part shall not be obligated to see to the proper application of any amount paid over to the party of the second part, and if the party of the first part receives and retains insurance money for loss or damage to the premises, the lien hereof shall be reduced only by the amount of such insurance money received and retained by the party of the first part. If any provision under this paragraph shall be interpreted by a court of competent jurisdiction as an unlawful waiver of any statutory right ofa third party, then such provision shall be deemed ineffective. 5 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 (c) All policies of insurance, including the unearned premiums paid thereon, are hereby assigned to the party of the first part as further security for the Indebtedness and the lien of this Agreement shall continue as a lien against the proceeds of any such insurance. (d) On the party of the first part's demand, the party of the second part will deliver to the party of the first part a certificate of adequacy or other proof acceptable to the party of the first part showing that the fire or any other insurance coverage is equal to the percentage of insurable value so required. (e) All insurance policies shall be in such form and amount, and with such carriers, as is satisfactory to the party of the first part. (f) All fire and hazard insurance policies shall contain the usual extended coverage endorsement. (g) The party of the second part shall notify the party of the first part within fourteen ( 14) days of the occurrence of any event giving rise to a right to make any claim under any such insurance policy. 4. Alterations. No building on the premises shall be materially altered, removed or demolished without the consent of the party of the first part. 5. Maintenance of Premises. The party of the second part shall maintain the premises in good condition and repair, shall not commit or suffer any waste of the premises, and neither the value of the premises nor the lien of this Agreement will be diminished or impaired in any way by any act or omission of the party of the second part. the party of the second part will not do or permit to be done to, in, upon or about said premises or any part thereof, anything that may in any way impair or depreciate the value thereof, or any part thereof, or weaken, diminish or impair the security of this Agreement or increase any fire, casualty or other hazard risk to the premises. the party of the second part shall comply with, or cause to be complied with, all statutes, ordinances and requirements of any governmental authority relating to the premises. The party of the second part shall promptly repair, restore, replace or rebuild any part of the premises now or hereafter subject to the lien of this Agreement which may be damaged or destroyed by any casualty whatsoever, or which may be affected by any proceeding in the nature of condemnation. the party of the second part shall not seek, obtain or consent to any restrictive covenant, zoning change, variance, landmark designation or other similar matter which could have the effect of limiting the improvement, use, occupancy or transferability of the premises. If the use of the premises constitutes, or at any time hereafter constitutes, a non-conforming use under any zoning ordinance, then the party of the second part may not take any action which would cause such non-conforming use to be abandoned or waived, or which would cause the premises to lose the right to continue such non-conforming use. 6 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 6. Danger of Loss. If, in the opinion of the party of the first part, the premises, or any building, structure, improvement, fixture or personal property thereon, are in danger of destruction or deterioration, the party of the first part may, without notice or demand, enter upon the premises and may perform such acts thereon or with respect thereto as it may deem suitable for preservation or protection of the premises or such building, structure, improvement, fixture or personal property. the party of the first part may thereafter leave the premises or hold possession thereof at its option, provided, however, that, if prior advance notice or demand is required by law, the party of the second part agrees that five (5) days advance notice of intent to enter the premises shall at all times be deemed reasonable unless a shorter period is permitted by law. 7. Default. The whole of said principal sum and interest shall become due at the option of the party of the firstpart: after default in the payment of any installment of principal or of interest for ten (10) days; or after default in the payment of any tax, water rate, sewer rent or assessment for thirty (30) days after notice and demand; or after default after notice and demand either in assigning and delivering the policies insuring the buildings against loss by fire or in reimbursing the party of the first part for premiums paid on such insurance, as hereinbefore provided; or after default upon request in furnishing a statement of the amount due on this Agreement and whether any offsets or defenses exist against the Indebtedness. An assessment which has been made payable in installments at the application of the party of the second part or lessee of the premises shall nevertheless, for the purpose of this paragraph, be deemed due and payable in its entirety on the day the first installment becomes due or payable or a lien. 8. Additional Defaults. In addition to the defaults set forth in paragraph 7, the whole of said principal sum and the interest and all other amounts secured by this Agreement shall become due at the option of the party of the first part, without further notice except as expressly set forth herein: (a) After failure to provide to the party of the first part, within fifteen (15) days after demand, copies of receipts showing payment of all taxes, water rates, sewer rents and assessments; or (b) After the actual or threatened demolition, removal or material alteration (other than a planned alteration as described in a building loan contract, if any, between the party of the second part and the party of the first part of even date herewith) of any building on the premises without the written consent of the party of the first part; or (c) After the assignment of the rents of the premises or any part thereof without the written consent of the party of the first part; or (d) If the buildings, fixtures and equipment on said premises are not maintained in reasonably good repair; or (e) After failure to comply with any requirement or order or notice or violation of law 7 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 or ordinance issued by any governmental department claiming jurisdiction over the premises within three (3) months from the issuance thereof; or (f) If, on application of the party of the first part, two or more fire insurance companies lawfully doing business in the State of New York refuse to issue policies insuring the buildings on the premises; or (g) In the event of the removal, demolition or destruction in whole or in part of any of the fixtures, chattels or articles of personal property covered hereby, unless the same are promptly replaced by similar fixtures, chattels or articles of personal property of equal value and suitability, owned by the party of the second part free of security interests, liens or other encumbrances thereon and free from any reservation of title thereto; or (h) After thirty (30) days' notice to the party of the second part, in the event of the passage of any law deducting from the value ofland for the purposes of taxation any lien thereon, or changing in any way the taxation of mortgages or debts secured thereby for state or local purposes; or (i) If the party of the second part fails to keep, observe and perform any of the other covenants, conditions or agreements contained in the Loan Documents, or if an event of default occurs under any of them, or if any representation contained therein shall be false, or if any warranty contained therein shall be breached; or G) After use of the premises in any way that violates any governmental law, ordinance, rule, regulation or requirement or which could result in the commencement of forfeiture proceedings with respect to the premises; or (k) If any representation, warranty, certificate, statement, or financial data heretofore or hereafter furnished by or on behalf of the party of the second part pursuant to or in connection with this Agreement (including, without limitation, representations and warranties contained herein or in the Loan Documents) proves to be or have been false or misleading in any material respect or to have omitted any substantial contingent or unliquidated liability or claim against the party of the second part; or (1) In the event any action is commenced for the forfeiture of all or any part of the premises or to foreclose upon any mortgage, lease, or lien affecting the premises which is, in whole or in part, either superior or subordinate to the lien of this Agreement; or (m) If the intended use of the premises existing as of the date hereof shall hereafter be changed in any material respect; or (n) If, by order of a court of competent jurisdiction, a trustee, receiver or liquidator of the premises, or any part thereof, shall be appointed, or if at any time the party of the 8 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 second part, or any partner of the party of the second part (if a partnership) or any guarantor of the Note, this Agreement, or the other Loan Documents shall be insolvent, shall grant a general assignment for the benefit of creditors, shall be placed in receivership, shall file or have filed against it a petition for relief under the United States Bankruptcy Code, or shall be dissolved, or if the filing of any petition by or against the party of the second part with respect to any of the foregoing shall occur; or (o) If final judgment for the payment of money shall be rendered against the party of the second part, or any guarantor of the Note, this Agreement, or and of the other Loan Documents, in an amount in excess of $25,000.00, and the party of the second part or such guarantor shall not discharge the same or cause it to be discharged within sixty ( 60) days from the entry thereof, or shall not appeal therefrom or from the order, decree or process upon which or pursuant to which said judgment was granted, based or entered, and secure and maintain a stay of execution of such judgment; or (p) If it shall be illegal for the party of the second part to pay any tax, assessment, charge, fee, rent or other expense required to be paid under the Note or this Agreement or if the payment of such tax, assessment, charge, fee, rent or other expense by the party of the second part would result in the violation of applicable usury laws; or (q) If the party of the second part, or any guarantor of the Note, this Agreement or any of the other Loan Documents, shall be in default under any of the terms, covenants or conditions of any note, mortgage, instrument or document evidencing, securing or executed in connection with any other indebtedness owed by the party of the second part or such guarantor to the party of the first part. 9. Sale in One Parcel. In case of a foreclosure sale, said premises, or so much thereof as may be affected by this Agreement, may be sold in one parcel. If, in a foreclosure sale, the premises are not sold in one parcel, then the party of the first part shall be permitted to have the same sold in such order as the party of the first part determines, at the same time or separately, in the party of the first part's sole discretion. The party of the first part shall not be required to obtain a deficiency judgment, or any other court approval, after the sale of any parcel in order for any other parcel to be sold. Neither the party of the first part nor any referee shall be required to submit any report to the court or account for the proceeds from the sale of any parcel until all parcels are sold. The party of the first part shall have the right, ifit so elects, to foreclose this Agreement as to a portion of the premises without foreclosing this Agreement as to the remainder of the premises, and upon doing so this Agreement shall remain a valid and enforceable lien against the portion of the premises not subject to such foreclosure for the full amount remaining owed to the party of the first part. If the Indebtedness is secured by separate mortgages on different properties, then the party of the first part may likewise foreclose said mortgages in such order as it determines, either at the same time or separately, in the party of the first part's sole discretion. 9 FILED: NEW YORK COUNTY CLERK 06/14/2022 01:19 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 27 RECEIVED NYSCEF: 06/14/2022 10. Collection Costs. In any action to foreclose this Agreement, or any action to collect any debt secured by this Agreement or created hereunder, or any other action arising her