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NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022
Exhibit
(to Joseph Pistilli Affidavit)
C
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NYC DEPARTMENT OF FINANC
OFFit E OF THE CITYREGISTER
This page is part of the instrument. The City
Register will provided
rely on the information
by you on this page forpurposes
of indexing
this instrument. The in formationon
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willcontrol forindexing
purposes in the event
of any conflict with the rest ofthe
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2003022000580001002E3040
CORDING AND ENDORSEMENT COVER PAGE PAGE I OF 25
Document ID: 2003022000580001 Document Date:01-09-2003 PreparationDate:02-21-2003
Document Type:MORTGAGE
Document Page Count:24
PRESENTER: RETURN TO:
REALTY-SKYLINE RESEARCH LLC HARRY A. KRITZER ESQ
175 REMSEN STREET 81 MAIN STREET
PARTNERS ABSTRACT CORP 36095 KM WHITE PLAINS, NY 10601
BROOKLYN, NY 11201 j
718-306-1100
PROPERTY DATA
Borough Block Lot Unit Address
MANFIATTAN 597 37 EntireLot 533 GREENW1CH STREET
PropertyType: APARTMENT BUILDING
CROSS REFERENCE DATA
CRFN: 2003022000580
PARTIES
MORTGAGER/BORROWER: ]MORTGAGEE/LENDER:
BRIDGE ASSOCIATES OS SOHO INC FIRST CENTRAL SAVING BANK
619 BRIDGE STREET 35-0130TH AVE
WOODMERE, NY I1598 ASTORIA, NY I1103
FEES AND TAXE S
Mortgage Recording Fee: $ 157.00
Mortgage Amount: $ 1,200,00000 Affidavit
Fee: $ 0,00
Taxable Mortgage Amount: $ 1,200,00000 NYC Real PropertyTransfer Tax FilingFee:
Exemption: ........_1......... ....... ........ . ._. ...... $ . .. 0.00
TAXES: NYS Real EstateTransferTax:
County (Basic 6,00000 $ 0.00
City(Additional): $ 13,50a00 RECORDED OR FILED IN THE OFFICE
Spec (Additional): $ 3,000,00 OF THE CITY REGISTER OF THE
TASF: $ 0.00 CITY OF NEW YORK
MTA: $ 3,000,00 Recorded/Filed 10-20.200315:18
NYCTA: $ 7,50â00 City Register FileNo.(CRFN):
/
TOTAL: $ 33,000.00 . 20030004 970 I
Cit y egister Signature
Of ficial
PLAINTIFPS
EXHIBIT
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THIS MORTGAGE is dated January 9, 2003 BETWEEN
Bridge Associates of SoHo, Ine.
a New York corporation with an office at 619 Bridge Street, Woodmere, New York
11598, the Mortgagor,
and
First Central Savings Bank
30*
35-01 Avenue
Astoria, New York 11103, the Mortgagee.
WHEREAS, to secure the payment of an indebtedness in theoriginal principal sum of One
Million Two Hundred Thousand Dollars ($1,200,000.00), lawful money of the United Statesto
be paid by Mortgagor in accordance with the terms and conditions of a certainpromissory note
(the "Note") in such amount dated the date hereof, together with interestthereon atthe initial
interestrateof nine percent per annum, subjectto adjustment on August 1, 2003, as setforthin
detailin theNote, the Mortgagor does hereby mortgage to theMortgagee the premises
commonly known as 533 Greenwich Street,New York, New York and more particularly
described as thatcertain plot,piece or parcel of land,with the buildings and improvements
thereon erected,described on.Schedule A annexed hereto and made a parthereof.(referred to
hereinas the "premises");
TOGETHER with allright, title
and interest of theMortgagor in and to the land lyingin the
streetsand roads in front of and adjoining said premises;
TOGETHER with allfixtures,chattelsand articlesof personal property now or hereafter owned
by Mortgagor and how or hereafter attached toor used inconnection with said premises,
including but not limited to furnaces, boilers,oilburners, radiators and piping, coal stokers,
plumbing and bathroom fixtures, refrigeration,airconditioning and sprinkler systems, wash-tubs,
sinks, gas and electricfixtures,stoves, ranges, awnings, screens, window shades, elevators,
motors, dynames, refrigerators,kitchen cabinets, incinerators,plants and shrubbery and allother
equipment and machinery, appliances, fittings,and fixturesof every kind inor used inthe
operation of the buildings standing on saidpremises, together with any and allreplacements
thereof and additions thereto;
TOGETHER with allawards heretofore and hereafter made to the Mortgagor for taking by
eminent domain the whole or any part ofsaid premises or any easement therein, including any
awards forchanges of grade ofstreets,which said awards arehereby assigned tothe Mortgagee,
who is hereby authorized to collect and receive the proceeds of such awards and to give proper
receipts and acquittances therefor,and to apply the same toward the payment of the
Indebtedness, as hereinafter defin¾ notwithstanding the factthat the amount owing thereon may
not then be due and payable; and the said Mortgagor hereby agrees, upon request, to make,
execute and deliver any and allassignments and other instruments sufficientfor the purpose of r
assigning said awards to theMortgagee, free,clear and discharged of any encumbrances of any.
kind or nature whatsoever.
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NOW, THEREFORE, the Mortgagor covenants with the Mortgagee as follows:
1. Warranties: Mortgagor warrants and certifiesto Mortgagee as follows:
(a) That the fullamount of principal and accrued interest now owing on the
Note isOne Million Two Hundred Thousand Dollars ($1,200,000,00) (the unpaid balance of
which, from time to time, including accrued but unpaid interest,and allother amounts due and
owing from Mortgagor to Mortgagee under the Note and thisMortgage aresometimes referred to
in thisMortgage as the "Indebtedness").
(b) That there areno defenses, counterclaims, crosselaims orother claims,
demands or offsetsof any nature whatsoever which can be asserted to: (i)reduce or eliminate all
or any part of Mortgagor's liabilityunder the Note or (ii)seek affirmative reliefor damages from
Mortgagee.
(c) That allof theprovisions of the Note, thisMortgage, and any guaranty
thereof are infull force and effect.
(d) That any and all liensand securityinterests inreal and personal property
held by the Mortgagee to secure allor any part of the Indebtedness arefirstpriority liensor
security interests,in fullforce and effect,and thereare no defenses to such liens orsecurity
interests.
(e) That neither theMortgagor nor any guarantor has (i)filed a petition
seeking reliefunder any provision of any bankruptcy, reorganization, arrangement or dissolution
law of any jurisdiction;(ii) made any assignments forthe benefit of creditors;(iii)had a receiver,
custodian, liquidator or trusteeappointed by courtorder; or (iv)failed to pay, or admitted in
writing an inabilityto pay debts, generally as they have become due.
(f) The Mortgagor isa corporation duly organized under the laws of theState
of New York with the fullpower and authority to own and operate thepremises. The execution
and delivery ofthis Mortgage, the Note and any building loan agreement, security agreement or
other agreement purporting to be executed by Mortgagor inconnection with theNote or the loan
evidenced thereby (collectively referred toherein as the"Loan Documents") have been duly
authorized by Mortgagor and allof the Loan Documents constitute the validand binding
obligations of the Mortgagor, enforceable in accordance with their terms.
2. Partial Payment. Ifthe Mortgagee shall receive from or on behalf of the
Mortgagor any sum less than the fullamount then due and payable, the Mortgagee inay, but shall
not be obligated to, accept the same (regardless of any endorsement or condition expressed by
Mottgagor with respect to such partialpayment) and ifit electsto accept any such payment, it
may hold the same or any part thereof, without liabilityfor interest,ina special account and it
may from time to time apply the same or any part thereof to theIndebtedness or tothe payment
of any taxes, assessments, sewer or water charges or insurance premiums desirable tomaintain
attorneys'
the lienof this Mortgage or to any expenses, including costs and reasonable fees and
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disbursements, incurred by the Mortgagee in attempting to collectany amount owing on the
Indebtedness and in bringing foreclosure proceedings with respectto thisMortgage. The
acceptance of partialpayment shallin no way waive any rightof Mortgagee to insistupon the
full payment ofall amounts due and owing. The acceptance of partialpayments afterdefault,
acceleration or maturity by the Mortgagee shallnot waive such defaultor acceleration, extend
the maturity or reinstatethe rightof the Mortgagor to pay the Note in installments.
3. Insurance. (a)The Mortgagor willkeep the buildings on the premises insured
against lossby firefor thebenefit of the Mortgagee; the Mortgagor will assign and deliver the
policies tothe Mortgagee; and the Mortgagor will reimburse the Mortgagee forany premiums
paid for insurance made by theMortgagee on the Mortgagor's default inso insuring the
buildings or in soassigning and delivering the policies. Allrenewal policies shall be delivered,
and premiums paid, atleast ten (10) days before the expiration of the priorinsurance policy.
Anything herein to the contrary notwithstanding, no duty to maintain such insurance shallbe
implied againstor imposed on the Mortgagee. Fire insurance shallbe not less than the greater of
(i)100% of the full
insurable value of the buildings and improvements on the premises or the
(ii)
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 of the
Indebtedness ifthe insurance policy includes a fullreplacement cost guaranty. Mortgagor shall
cany such additional insurance as Mortgagee shallrequest,including but notJimited to, war risk,
business interruption or, ifMortgagor undertakes any form of rehabilitation or reconstruction of
the premises, builder's risk insurance. Mortgagor shall alsoat alltimes maintain general liability
insurance covering itsoperations in an amount not lessthan $1,000,000 per occurrence,
$2,000,000 aggregate, with reasonable deductibles, naming the Mortgagee as an additional
insured. All insurance carriers are subjectto prior approval of Mortgagee.
(b) If the Mortgagee by reason of such insurance receives any money for loss
or damage, then the Mortgagee shallhave the rightin itssole discretion eitherto apply the
proceeds of such insurance inreduction of theamount owed under theNote and thisMortgage,
or in lieuthereof to allow the provisions of Section 254 ofthe New York Real Property Law to
apply to thedetermination of whether and how such proceeds shall be availableto the
Mortgagor. The Mortgagee shall not be obligated to see tothe proper application of any amount
paid over to the Mortgagor, and ifthe Mortgagee receives and retains insurance money for loss
or damage to the premises, the lienhereof shallbe reduced only by the amount of such insurance
money received and retained by the Mortgagee- If any provision under thisparagraph shallbe
interpreted by a court ofcompetent jurisdictionas an unlawful waiver of any statutoryright of a
thirdpartycthen such provision shallbe deemed ineffective.
(c) All policies of insurance, including the unearned premiums paid thereon,
are hereby assigned to theMortgagee as further security forthe Indebtedness and the lienof this
Mortgage shallcontinue as a lienagainst the proceeds ofany such insurance.
(d) On Mortgagee's demand, Mortgagor willdeliver to.Mortgagee a
certificateof adequacy orother proof acceptable to Mortgagee showing that the fireor any other
insurance coverage isequal tothe percentage of insurable value so required.
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(e) All insurance policies shallbe in such form and amount, and with such
carriers,as is satisfactorytoMortgagee.
(f) All fire insurance policies shall contain the usual extended coverage
endorsement.
(g) Mortgagor shall notifyMortgagee within fourteen (I4) days of the
occurrence of any event giving riseto a rightto make any claim under any such insurance policy.
4. Mterations. No building on the premises shall be materially altered, removed or
demolished without the consent of the Mortgagee.
5. Maintenance of Premises. The Mortgagor shall maintain the premises in good
condition and repair, shallnot commit or suffer any waste ofthe premises, and neither the value
of thepremises nor the lien of thisMortgage willbe diminished or impaired in any way by any
act oromission of the Mortgagor. The Mortgagor willnot do orpermit to be done to, in,upon or
about said premises or any part thereof, anything that may inany way impair or depreciate the
value thereof, or any part thereof,or weaken, diminish or impair the security of thisMortgage or
increase any fire,casualty or other hazard riskto the premises, Mortgagor shall comply with, or
cause to be complied with, all statutes,ordinances and requirements of any governmental
authority relatingto the premises. The Mortgagor shall promptly repair,restore, replace or
rebuild any part of thepremises now or hereaftersubject to the lien ofthis Mortgage which may
be damaged or destroyed by any casualty whatsoever, or which may be affected by any
proceeding in the nature of condemnation. Mortgagor shall not seek, obtain or consent to any
restrictivecovenant, zoning change, variance, landmark designation or other similar matter
which could have the effect of limiting theimprovement, use,occupancy or transferabilityof the
premises. Ifthe use of the premises constitutes,or at any time hereafter constitutes, a non-
conforming use under any zoning ordinance, then Mortgagor may not take any action which
would cause such non-conforming use tobe abandoned or waived, or which would cause the
premises to losethe right tocontinue such non-conforming use.
6. Danger of Loss. If,in theopinion of theMortgagee, the premises, or any
building, structure,improvement, fixtureor personal property thereon, are indanger of
destruction or deterioration, theMortgagee may, without notice or demand, enter upon the
premises and may perform such acts thereon or with respect thereto as itmay deem suitable for
preservation or protection of the premises or such building, structure,improvement, fixture or
personal pmperty. Mortgagee may thereafter leave the premises or hold possession thereof atits
option, provided, however, that,ifprior advance notice or demand isrequired by law, Mortgagor
agrees that five(5) days advance notice of intentto enter thepremises shall atall times be
deemed reasonable unless a shorterperiod is permittedby law.
7. Default. The whole of said principalsum and interestshall become due atthe
option of theMortgagee: afterdefault in thepayment of any installment of principal or of interest
for tendays; or after default inthe payment ofany tax,water rate,sewer rentor assessment for
thirtydays afternotice and demand; or afterdefault afternotice and demand eitherin assigning
and delivering the policies insuring the buildings against lossby fireor inreimbursing the
Mortgagee forpremiums paid on such insurance, as hereinbefore provided; or afterdefault upon
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. .
request in furnishing a statement of the amount due on thisMortgage and whether any offsets or
defenses exist against the Indebtedness. An assessment which has been made payable in
installments at theapplication of the Mortgagor or lessee of thepremises shall nevertheless, for
the purpose of this paragraph, be deemed due and payable in itsentiretyon the day the first
installment becomes due or payable or a lien.
8. Additional Defaults. In additionto the defaults setforth in paragraph 7, the
whole of said principalsum and the interest and all otheramounts secured by this Mortgage shall
become due at the optionof the Mortgagee, without further notice except as expressly set forth
herein:
(a) afterfailure to provide to theMortgagee, within fifteen days afterdemand,
copies of receiptsshowing payment of alltaxes, water rates, sewer rents and assessments; or
(b) afterthe actual or threatened demolition, removal ormaterial alteration
(otherthan a planned alteration as described in a building loan contract, ifany, between
Mortgagor and Mortgagee of even date herewith) of any building on thepremises without the
written consent ofthe Mortgagee; or
(c) afterthe assignment of the rents of the premises or any part thereof
without the written consent of the Mortgagee; or
(d) ifthe buildings, fixturesand equipment on said premises are not
maintained in reasonably good repain or
(e) afterfailureto comply with any requirement or or ieror notice or violation
of law or onlinance issued by any governmental department claiming jurisdiction over the
premises within threemonths from the issuance thereof; or
(f) on
if, application of theMortgagee, two or more fireinsurance companies
lawfully doing business in the State ofNew York refuse to issue policies insuring thebuildings
on the premises; or
(g) in the event of theremoval, demolition or destruction in whole or inpart
of any of the fixtures,chattels or articlesof personal property covered hereby, unless the same
are promptly replaced by similar fixtures,chattels or articlesorpersonal.property of equal value
and suitability,owned by Mortgagor free ofsecurity interests,1iens or other encumbrances
thereon and freefrom any reservation of titlethereto;or
days'
(h) after thirty notice to theMortgagor, in theevent ofthe passage of
any law deducting from the value of land for thepurposes of taxation any lienthereon, or
changing in any way the taxation of mortgages or debts secured thereby for stateor local
purposes; or
(i) ifthe Mortgagor failsto keep, observe and perform any of the other
covenants, conditions or agreements contained inthe Loan Documents, orif an event of default
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. .
occurs under any of them, or ifany representation contained therein shallbe false,or ifany
warranty contained therein shallbe breached; or
(j) after use of the premises in any way thatviolates any govemmental law,
ordinance, rule,regulation.or requirement or which could resultin the commencement of
forfeitureproceedings with respect to the premises; or
(k) ifany representation, warranty, certificate,statement, or financial data
heretofore or hereafter fumished by or on behalf of the Mortgagor pursuant to orin connection
with thisMortgage (including, without limitation,representations and warranties contained
herein or in theLoan Documents) proves to be or have been falseor misleading in any material
respect or to have omitted any substantialcontingent or unliquidated liabilityor claim against the
Mortgagor; or
(1) in the event any action is commenced for the forfeitureof allor any part of
the premises or toforeclose upon any mortgage, lease,or lienaffecting the premises which is,in
whole or in part,eithersuperior or subordinate to the lienof thisMortgage; or
(m) ifthe intended use of the premises existing as of thedate hereof shall
hereafter be changed in any anaterial respect;or
(n) ifby order of a courtof competent jurisdiction, a trustee,receiver or
liquidator of the premises, or any part thereof, shallbe appointed, or ifatany time the
Mortgagor, or any partner ofMortgagor (ifa partnership) or any guarantor of the Note, this
Mortgage, or the otherLoan Documents shallbe insolvent, shall grant a general assignment for
the benefit of creditors,shall be placed in receivership, shallfile orhave filedagainst ita petition
for reliefunder theUnited States Bankruptcy Code, or shall be dissolved, or ifthe of
filing any
petition by or against the Mortgagor with respectto any ofthe foregoing shalloccur; or
(0) iffinaljudgment for thepayment of money shall be rendered against
Mortgagor, or any guarantor of the Note, this Mortgage, or and of the other Loan Documents, in
an amount in excess of $25,000.00, and Mortgagor or such guarantor shallnot discharge the
same or cause itto be discharged within sixty (60) days from the entry thereof,or shall not
appeal therefrom or from theorder, decree orprocess 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) ifitshall be illegal for-Mortgagor to pay any tax,assessment, charge, fee,
rent or otherexpense required to be paidunder the Note or thisMortgage or ifthe payment of
such tax, assessment, charge, fee,rent or other expense by Mortgagor would resultin the
violation of applicable usury laws; or
(q) ifMortgagor, or any guarantor of the Note, this Mortgage or of the
any
other Loan Documents, shall be in default under any ofthe tenns, covenants or conditions of any
note, mortgage, instrument or document evidencing, securing or executed inconnection with any
other indebtedness owed by Mortgagor or such guarantor to Mortgagee.
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9. Sale in One ParceL In case of a foreclosure sale,said premises, or so much
thereof as may be affected by thisMortgage, may be sold in one parcel..If,ina foreclosure sale,
the premises arenot sold in one parcel, then Mortgagee shall be permitted to have thesame sold
in such order as Mortgagee determines, atthe same time or separately, inMortgagee's sole
discretion. Mortgagee shall not be required to obtain a deficiency judgment, orany other court
approval, after the saleof any parcel in order for any other parcel to be sold. Neither Mortgagee
nor any referee shall be required to submit any report to thecourt or account forthe proceeds
from the saleof any parcel until allparcels are sold. Mortgagee shall have the right,if itso
elects,to foreclose this Mortgage as to a portion of thepremises without foreclosing this
Mortgage as tothe remainder of the premises, and upon doing so this Mortgage shall remain a
valid and enforceable lien against theportion ofthe prernises not subject to such foreclosure for
the fullamount remaining owed to Mortgagee, Ifthe Indebtedness issecured by separate
mortgages on different properties,then theMortgagee may likewise foreclose said mortgages in
such order as itdetermines, eitherat the same time or separately,in Mortgagee's sole discretion.
10. Collection Costs. In any action toforeclose this Mortgage,.or any action to
collect any debt secured by thisMortgage or created hereunder, or any other action arising
hereunder, or any actionto foreclose any interestor lienprior inright or claimed tobe prior in
rightto allor partof the lien ofthe Mortgage, Mortgagor shallbe liable forand shall pay to
Mortgagee, in addition toany other which
liability may be established insuch action, allof
Mortgagee's court costs and attorneys fees in the prosecution or defense of such action, plus
interestthereon at theAltemate InterestRate (as defmed below), and the amount thereof shall be
secured hereby. Such attomeys fees shall include, inaddition to fees incurreddirectly in such
action or pmceeding, any reasonable attorneys fees incurred, before or after thecormnencement
of such action or proceeding, in thecourse ofnegotiating any extension, modification or work-
out of the Note and any expenses customarily billed by such attorneys,
1 I. Counterclaims. Mortgagor, in any action to foreclose thisMortgage, hereby
waives the right to interposeany counterclaim against.Mortgagee, all ofwhich counterclaims
must be asserted in a separateaction against M.ortgagee which shall not be consolidated with
such foreclosure action.
.12. Other Litigation and Related Expenses. Ifany action or proceeding be
commenced (except an action to foreclose the Mortgage or tocollect any debt secured hereby),
to which action or proceeding the Mortgagee ismade a party by virtueof its statusas holder of
the Note, this Mortgage orany ofthe other loan Documents, orin which itbecomes necessary
to defend or uphold the lien ofthis Mortgage including, without limitation,any condemnation or
eminent domain proceedings, all sums paid by the Mortgagee for theexpense ofany such
litigation(including reasonable attorneys feesand expenses customarily billedby such attorneys)
shall be paid by the Mortgagor, together with interestat the Alternate InterestRate, and shallbe
a lienon the premises, prior to any right,or titleto,interestin or claim upon said premises
attaching or accruing subsequent to the lienof this Mortgage, and shall be deemed tobe secured
by thisMortgage.
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13. Receiver. The holder of thisMortgage, in any action to foreclose it,shallbe
entitledto theappointment of a receiver.Mortgagee shall have theright to nominate a receiver
for appointment by the court, but such nomination shallin no way cause the receiverto be an
agent of Mortgagee, nor shall Mortgagee be liableforany actionstaken by such receiver. Under
no circumstances shall Mortgagee be considered a mortgagee in possession by virtue ofthe
appointment of a receiver nominated by Mortgagee.
14. Continuance of Obligation. The obligation of thisMortgage and the Note shall
continue untilthe entire debt owed thereon is paid,notwithstanding any action or actionsof
partial foreclosure which may be brought to recover any amount or fortaxes, assessments, water
rates, sewer rents or fireinsurance premiums due and payable hereunder.
15. Taxes. The Mortgagor willpay alltaxes, assessments, sewer rents or water rates,
and in.default thereof, theMortgagee may pay thesame. Mortgagee may, from time totime inits
sole discretion,filegrievances, appeals, tax certiorariproceedings or similar legalproceedings
seeking to reduce the realproperty tax assessment forthe premises and the costs of any such
proceedings including, without limitation,court costs, attorneys fees and the expenses of
appraisals and other experts, shall be paid firstout of any recovery in such action and any
remaining amount shall be paid by Mortgagor. Mortgagor will co-operate with Mortgagee in
prosecuting any such proceeding. Mortgagee shall have no liabilityto Mortgagor with respect to
any such proceeding or theresolution thereof by settlement or otherwise, itbeing understood that
Mortgagor may protect itsinterestsby bringing such proceeding itself Such costs,with interest,
shall be a lienon the premises prior toany rightor titleto,interestin or claim upon said premises
attaching or accruing subsequent to the lien of thisMortgage, and shallbe deemed to be secured
by thisMortgage and Mortgagor hereby assigns to Mortgagee as additional security forall
amounts due and owing under the Note orthis Mortgage any and allrefunds of mal estate taxes
arisingout of any tax grievance, tax certiorariproceeding or similar action with respect to any
period from and afterthe date of this Mortgage.
16- Tax and Insurance Escrow. At the option of the Mortgagee, the Mortgagor shall
pay, on the firstday of each month a sum equal to one-twelfth (1/12) of the annual insurance
premiums, realestate taxes,water rates and sewer ratesto be held and applied by the Mortgagee
to the payment of.said items; and in addition thereto, Mortgagor willpay toand deposit with
Mortgagee such additionalreserve asmay be necessary so that such sum, added together with the
monthly payments, shallmake up a fund sufficientto pay all the aforesaid items on their
respective due datesand also sufficientto establisha cushion equal to one-twelfth of the annual
amount payable. The determination of the amount payable under thisparagraph by Mortgagor
may be based upon eitherthe single item or aggregate method of analysis, at Mortgagee's option.
Such escrow account shallnot bear interest and may be mingled with the general funds of the
Mortgagee; and in the event of any default in themonthly payment of one-twelfth of such
insurance premiums, taxes,water rates and sewer rates, or any failure topay on demand any
additional sums necessary to fullydischarge said items, the same shallconstitute in allrespects a
default in the terms hereof and, at the option of the Mortgagee, allof the liabilitiesof the
Mortgagor on the Note and thisMortgage, whether matured or umnatured, absolute or
contingent, shall become immediately due afterany such default fora period offive days without
notice or demand, In the event of any default under thisMortgage or the Note, the amount held
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by the Mortgagee pursuant to thisparagraph may be applied, without further notice or demand,
in reduction of theIndebtedness.
17. Application of Escrow Funds. Ifthere shall be a default under any of the
provisions of thisMortgage resulting in thepublic sale of thepremises covered hereby or ifthe
Mortgagee shallacquire the premises otherwise afterdefault, the Mortgagee shall have the right
to apply the balance of any funds held by itin escrow, either as a creditagainst the balance of the
Indebtedness then remaining uDaid or tothe payment of any other charges, without any
obligation to account therefor to the Mortgagor.
18. Proof of Payment. Mortgagor shalldeliver to Mortgagee, within 30 d ays afterthe
due date thereof, copies ofpaid receipts for alltaxes,special assessments, water and sewer
charges applicable tothe premises.
19. Protective Advances. Ifthe Mortgagee shallpay orincur any expense inorder to
maintain the securityof this Mortgage or to cure any default under the Loan Documents,
including,without limitation,the payment ofany realestate taxes, water rates, sewer rents,
assessments, insurance premiums, or expenses of repairing, securing, or remedying any adverse
condition on thepremises, any such payments shallbear interest at theAlternat
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FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 Exhibit (to Joseph Pistilli Affidavit) C FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D382 NYC DEPARTMENT OF FINANC OFFit E OF THE CITYREGISTER This page is part of the instrument. The City Register will provided rely on the information by you on this page forpurposes of indexing this instrument. The in formationon this page willcontrol forindexing purposes in the event of any conflict with the rest ofthe document. 2003022000580001002E3040 CORDING AND ENDORSEMENT COVER PAGE PAGE I OF 25 Document ID: 2003022000580001 Document Date:01-09-2003 PreparationDate:02-21-2003 Document Type:MORTGAGE Document Page Count:24 PRESENTER: RETURN TO: REALTY-SKYLINE RESEARCH LLC HARRY A. KRITZER ESQ 175 REMSEN STREET 81 MAIN STREET PARTNERS ABSTRACT CORP 36095 KM WHITE PLAINS, NY 10601 BROOKLYN, NY 11201 j 718-306-1100 PROPERTY DATA Borough Block Lot Unit Address MANFIATTAN 597 37 EntireLot 533 GREENW1CH STREET PropertyType: APARTMENT BUILDING CROSS REFERENCE DATA CRFN: 2003022000580 PARTIES MORTGAGER/BORROWER: ]MORTGAGEE/LENDER: BRIDGE ASSOCIATES OS SOHO INC FIRST CENTRAL SAVING BANK 619 BRIDGE STREET 35-0130TH AVE WOODMERE, NY I1598 ASTORIA, NY I1103 FEES AND TAXE S Mortgage Recording Fee: $ 157.00 Mortgage Amount: $ 1,200,00000 Affidavit Fee: $ 0,00 Taxable Mortgage Amount: $ 1,200,00000 NYC Real PropertyTransfer Tax FilingFee: Exemption: ........_1......... ....... ........ . ._. ...... $ . .. 0.00 TAXES: NYS Real EstateTransferTax: County (Basic 6,00000 $ 0.00 City(Additional): $ 13,50a00 RECORDED OR FILED IN THE OFFICE Spec (Additional): $ 3,000,00 OF THE CITY REGISTER OF THE TASF: $ 0.00 CITY OF NEW YORK MTA: $ 3,000,00 Recorded/Filed 10-20.200315:18 NYCTA: $ 7,50â00 City Register FileNo.(CRFN): / TOTAL: $ 33,000.00 . 20030004 970 I Cit y egister Signature Of ficial PLAINTIFPS EXHIBIT 4- FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D383 THIS MORTGAGE is dated January 9, 2003 BETWEEN Bridge Associates of SoHo, Ine. a New York corporation with an office at 619 Bridge Street, Woodmere, New York 11598, the Mortgagor, and First Central Savings Bank 30* 35-01 Avenue Astoria, New York 11103, the Mortgagee. WHEREAS, to secure the payment of an indebtedness in theoriginal principal sum of One Million Two Hundred Thousand Dollars ($1,200,000.00), lawful money of the United Statesto be paid by Mortgagor in accordance with the terms and conditions of a certainpromissory note (the "Note") in such amount dated the date hereof, together with interestthereon atthe initial interestrateof nine percent per annum, subjectto adjustment on August 1, 2003, as setforthin detailin theNote, the Mortgagor does hereby mortgage to theMortgagee the premises commonly known as 533 Greenwich Street,New York, New York and more particularly described as thatcertain plot,piece or parcel of land,with the buildings and improvements thereon erected,described on.Schedule A annexed hereto and made a parthereof.(referred to hereinas the "premises"); TOGETHER with allright, title and interest of theMortgagor in and to the land lyingin the streetsand roads in front of and adjoining said premises; TOGETHER with allfixtures,chattelsand articlesof personal property now or hereafter owned by Mortgagor and how or hereafter attached toor used inconnection with said premises, including but not limited to furnaces, boilers,oilburners, radiators and piping, coal stokers, plumbing and bathroom fixtures, refrigeration,airconditioning and sprinkler systems, wash-tubs, sinks, gas and electricfixtures,stoves, ranges, awnings, screens, window shades, elevators, motors, dynames, refrigerators,kitchen cabinets, incinerators,plants and shrubbery and allother equipment and machinery, appliances, fittings,and fixturesof every kind inor used inthe operation of the buildings standing on saidpremises, together with any and allreplacements thereof and additions thereto; TOGETHER with allawards heretofore and hereafter made to the Mortgagor for taking by eminent domain the whole or any part ofsaid premises or any easement therein, including any awards forchanges of grade ofstreets,which said awards arehereby assigned tothe Mortgagee, who is hereby authorized to collect and receive the proceeds of such awards and to give proper receipts and acquittances therefor,and to apply the same toward the payment of the Indebtedness, as hereinafter defin¾ notwithstanding the factthat the amount owing thereon may not then be due and payable; and the said Mortgagor hereby agrees, upon request, to make, execute and deliver any and allassignments and other instruments sufficientfor the purpose of r assigning said awards to theMortgagee, free,clear and discharged of any encumbrances of any. kind or nature whatsoever. FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D384 NOW, THEREFORE, the Mortgagor covenants with the Mortgagee as follows: 1. Warranties: Mortgagor warrants and certifiesto Mortgagee as follows: (a) That the fullamount of principal and accrued interest now owing on the Note isOne Million Two Hundred Thousand Dollars ($1,200,000,00) (the unpaid balance of which, from time to time, including accrued but unpaid interest,and allother amounts due and owing from Mortgagor to Mortgagee under the Note and thisMortgage aresometimes referred to in thisMortgage as the "Indebtedness"). (b) That there areno defenses, counterclaims, crosselaims orother claims, demands or offsetsof any nature whatsoever which can be asserted to: (i)reduce or eliminate all or any part of Mortgagor's liabilityunder the Note or (ii)seek affirmative reliefor damages from Mortgagee. (c) That allof theprovisions of the Note, thisMortgage, and any guaranty thereof are infull force and effect. (d) That any and all liensand securityinterests inreal and personal property held by the Mortgagee to secure allor any part of the Indebtedness arefirstpriority liensor security interests,in fullforce and effect,and thereare no defenses to such liens orsecurity interests. (e) That neither theMortgagor nor any guarantor has (i)filed a petition seeking reliefunder any provision of any bankruptcy, reorganization, arrangement or dissolution law of any jurisdiction;(ii) made any assignments forthe benefit of creditors;(iii)had a receiver, custodian, liquidator or trusteeappointed by courtorder; or (iv)failed to pay, or admitted in writing an inabilityto pay debts, generally as they have become due. (f) The Mortgagor isa corporation duly organized under the laws of theState of New York with the fullpower and authority to own and operate thepremises. The execution and delivery ofthis Mortgage, the Note and any building loan agreement, security agreement or other agreement purporting to be executed by Mortgagor inconnection with theNote or the loan evidenced thereby (collectively referred toherein as the"Loan Documents") have been duly authorized by Mortgagor and allof the Loan Documents constitute the validand binding obligations of the Mortgagor, enforceable in accordance with their terms. 2. Partial Payment. Ifthe Mortgagee shall receive from or on behalf of the Mortgagor any sum less than the fullamount then due and payable, the Mortgagee inay, but shall not be obligated to, accept the same (regardless of any endorsement or condition expressed by Mottgagor with respect to such partialpayment) and ifit electsto accept any such payment, it may hold the same or any part thereof, without liabilityfor interest,ina special account and it may from time to time apply the same or any part thereof to theIndebtedness or tothe payment of any taxes, assessments, sewer or water charges or insurance premiums desirable tomaintain attorneys' the lienof this Mortgage or to any expenses, including costs and reasonable fees and 2 FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D385 disbursements, incurred by the Mortgagee in attempting to collectany amount owing on the Indebtedness and in bringing foreclosure proceedings with respectto thisMortgage. The acceptance of partialpayment shallin no way waive any rightof Mortgagee to insistupon the full payment ofall amounts due and owing. The acceptance of partialpayments afterdefault, acceleration or maturity by the Mortgagee shallnot waive such defaultor acceleration, extend the maturity or reinstatethe rightof the Mortgagor to pay the Note in installments. 3. Insurance. (a)The Mortgagor willkeep the buildings on the premises insured against lossby firefor thebenefit of the Mortgagee; the Mortgagor will assign and deliver the policies tothe Mortgagee; and the Mortgagor will reimburse the Mortgagee forany premiums paid for insurance made by theMortgagee on the Mortgagor's default inso insuring the buildings or in soassigning and delivering the policies. Allrenewal policies shall be delivered, and premiums paid, atleast ten (10) days before the expiration of the priorinsurance policy. Anything herein to the contrary notwithstanding, no duty to maintain such insurance shallbe implied againstor imposed on the Mortgagee. Fire insurance shallbe not less than the greater of (i)100% of the full insurable value of the buildings and improvements on the premises or the (ii) 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 of the Indebtedness ifthe insurance policy includes a fullreplacement cost guaranty. Mortgagor shall cany such additional insurance as Mortgagee shallrequest,including but notJimited to, war risk, business interruption or, ifMortgagor undertakes any form of rehabilitation or reconstruction of the premises, builder's risk insurance. Mortgagor shall alsoat alltimes maintain general liability insurance covering itsoperations in an amount not lessthan $1,000,000 per occurrence, $2,000,000 aggregate, with reasonable deductibles, naming the Mortgagee as an additional insured. All insurance carriers are subjectto prior approval of Mortgagee. (b) If the Mortgagee by reason of such insurance receives any money for loss or damage, then the Mortgagee shallhave the rightin itssole discretion eitherto apply the proceeds of such insurance inreduction of theamount owed under theNote and thisMortgage, or in lieuthereof to allow the provisions of Section 254 ofthe New York Real Property Law to apply to thedetermination of whether and how such proceeds shall be availableto the Mortgagor. The Mortgagee shall not be obligated to see tothe proper application of any amount paid over to the Mortgagor, and ifthe Mortgagee receives and retains insurance money for loss or damage to the premises, the lienhereof shallbe reduced only by the amount of such insurance money received and retained by the Mortgagee- If any provision under thisparagraph shallbe interpreted by a court ofcompetent jurisdictionas an unlawful waiver of any statutoryright of a thirdpartycthen such provision shallbe deemed ineffective. (c) All policies of insurance, including the unearned premiums paid thereon, are hereby assigned to theMortgagee as further security forthe Indebtedness and the lienof this Mortgage shallcontinue as a lienagainst the proceeds ofany such insurance. (d) On Mortgagee's demand, Mortgagor willdeliver to.Mortgagee a certificateof adequacy orother proof acceptable to Mortgagee showing that the fireor any other insurance coverage isequal tothe percentage of insurable value so required. 3 FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D386 (e) All insurance policies shallbe in such form and amount, and with such carriers,as is satisfactorytoMortgagee. (f) All fire insurance policies shall contain the usual extended coverage endorsement. (g) Mortgagor shall notifyMortgagee within fourteen (I4) days of the occurrence of any event giving riseto a rightto make any claim under any such insurance policy. 4. Mterations. No building on the premises shall be materially altered, removed or demolished without the consent of the Mortgagee. 5. Maintenance of Premises. The Mortgagor shall maintain the premises in good condition and repair, shallnot commit or suffer any waste ofthe premises, and neither the value of thepremises nor the lien of thisMortgage willbe diminished or impaired in any way by any act oromission of the Mortgagor. The Mortgagor willnot do orpermit to be done to, in,upon or about said premises or any part thereof, anything that may inany way impair or depreciate the value thereof, or any part thereof,or weaken, diminish or impair the security of thisMortgage or increase any fire,casualty or other hazard riskto the premises, Mortgagor shall comply with, or cause to be complied with, all statutes,ordinances and requirements of any governmental authority relatingto the premises. The Mortgagor shall promptly repair,restore, replace or rebuild any part of thepremises now or hereaftersubject to the lien ofthis Mortgage which may be damaged or destroyed by any casualty whatsoever, or which may be affected by any proceeding in the nature of condemnation. Mortgagor shall not seek, obtain or consent to any restrictivecovenant, zoning change, variance, landmark designation or other similar matter which could have the effect of limiting theimprovement, use,occupancy or transferabilityof the premises. Ifthe use of the premises constitutes,or at any time hereafter constitutes, a non- conforming use under any zoning ordinance, then Mortgagor may not take any action which would cause such non-conforming use tobe abandoned or waived, or which would cause the premises to losethe right tocontinue such non-conforming use. 6. Danger of Loss. If,in theopinion of theMortgagee, the premises, or any building, structure,improvement, fixtureor personal property thereon, are indanger of destruction or deterioration, theMortgagee may, without notice or demand, enter upon the premises and may perform such acts thereon or with respect thereto as itmay deem suitable for preservation or protection of the premises or such building, structure,improvement, fixture or personal pmperty. Mortgagee may thereafter leave the premises or hold possession thereof atits option, provided, however, that,ifprior advance notice or demand isrequired by law, Mortgagor agrees that five(5) days advance notice of intentto enter thepremises shall atall times be deemed reasonable unless a shorterperiod is permittedby law. 7. Default. The whole of said principalsum and interestshall become due atthe option of theMortgagee: afterdefault in thepayment of any installment of principal or of interest for tendays; or after default inthe payment ofany tax,water rate,sewer rentor assessment for thirtydays afternotice and demand; or afterdefault afternotice and demand eitherin assigning and delivering the policies insuring the buildings against lossby fireor inreimbursing the Mortgagee forpremiums paid on such insurance, as hereinbefore provided; or afterdefault upon 4 FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D387 . . request in furnishing a statement of the amount due on thisMortgage and whether any offsets or defenses exist against the Indebtedness. An assessment which has been made payable in installments at theapplication of the Mortgagor or lessee of thepremises shall nevertheless, for the purpose of this paragraph, be deemed due and payable in itsentiretyon the day the first installment becomes due or payable or a lien. 8. Additional Defaults. In additionto the defaults setforth in paragraph 7, the whole of said principalsum and the interest and all otheramounts secured by this Mortgage shall become due at the optionof the Mortgagee, without further notice except as expressly set forth herein: (a) afterfailure to provide to theMortgagee, within fifteen days afterdemand, copies of receiptsshowing payment of alltaxes, water rates, sewer rents and assessments; or (b) afterthe actual or threatened demolition, removal ormaterial alteration (otherthan a planned alteration as described in a building loan contract, ifany, between Mortgagor and Mortgagee of even date herewith) of any building on thepremises without the written consent ofthe Mortgagee; or (c) afterthe assignment of the rents of the premises or any part thereof without the written consent of the Mortgagee; or (d) ifthe buildings, fixturesand equipment on said premises are not maintained in reasonably good repain or (e) afterfailureto comply with any requirement or or ieror notice or violation of law or onlinance issued by any governmental department claiming jurisdiction over the premises within threemonths from the issuance thereof; or (f) on if, application of theMortgagee, two or more fireinsurance companies lawfully doing business in the State ofNew York refuse to issue policies insuring thebuildings on the premises; or (g) in the event of theremoval, demolition or destruction in whole or inpart of any of the fixtures,chattels or articlesof personal property covered hereby, unless the same are promptly replaced by similar fixtures,chattels or articlesorpersonal.property of equal value and suitability,owned by Mortgagor free ofsecurity interests,1iens or other encumbrances thereon and freefrom any reservation of titlethereto;or days' (h) after thirty notice to theMortgagor, in theevent ofthe passage of any law deducting from the value of land for thepurposes of taxation any lienthereon, or changing in any way the taxation of mortgages or debts secured thereby for stateor local purposes; or (i) ifthe Mortgagor failsto keep, observe and perform any of the other covenants, conditions or agreements contained inthe Loan Documents, orif an event of default 5 FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D388 . . occurs under any of them, or ifany representation contained therein shallbe false,or ifany warranty contained therein shallbe breached; or (j) after use of the premises in any way thatviolates any govemmental law, ordinance, rule,regulation.or requirement or which could resultin the commencement of forfeitureproceedings with respect to the premises; or (k) ifany representation, warranty, certificate,statement, or financial data heretofore or hereafter fumished by or on behalf of the Mortgagor pursuant to orin connection with thisMortgage (including, without limitation,representations and warranties contained herein or in theLoan Documents) proves to be or have been falseor misleading in any material respect or to have omitted any substantialcontingent or unliquidated liabilityor claim against the Mortgagor; or (1) in the event any action is commenced for the forfeitureof allor any part of the premises or toforeclose upon any mortgage, lease,or lienaffecting the premises which is,in whole or in part,eithersuperior or subordinate to the lienof thisMortgage; or (m) ifthe intended use of the premises existing as of thedate hereof shall hereafter be changed in any anaterial respect;or (n) ifby order of a courtof competent jurisdiction, a trustee,receiver or liquidator of the premises, or any part thereof, shallbe appointed, or ifatany time the Mortgagor, or any partner ofMortgagor (ifa partnership) or any guarantor of the Note, this Mortgage, or the otherLoan Documents shallbe insolvent, shall grant a general assignment for the benefit of creditors,shall be placed in receivership, shallfile orhave filedagainst ita petition for reliefunder theUnited States Bankruptcy Code, or shall be dissolved, or ifthe of filing any petition by or against the Mortgagor with respectto any ofthe foregoing shalloccur; or (0) iffinaljudgment for thepayment of money shall be rendered against Mortgagor, or any guarantor of the Note, this Mortgage, or and of the other Loan Documents, in an amount in excess of $25,000.00, and Mortgagor or such guarantor shallnot discharge the same or cause itto be discharged within sixty (60) days from the entry thereof,or shall not appeal therefrom or from theorder, decree orprocess 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) ifitshall be illegal for-Mortgagor to pay any tax,assessment, charge, fee, rent or otherexpense required to be paidunder the Note or thisMortgage or ifthe payment of such tax, assessment, charge, fee,rent or other expense by Mortgagor would resultin the violation of applicable usury laws; or (q) ifMortgagor, or any guarantor of the Note, this Mortgage or of the any other Loan Documents, shall be in default under any ofthe tenns, covenants or conditions of any note, mortgage, instrument or document evidencing, securing or executed inconnection with any other indebtedness owed by Mortgagor or such guarantor to Mortgagee. 6 FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D389 9. Sale in One ParceL In case of a foreclosure sale,said premises, or so much thereof as may be affected by thisMortgage, may be sold in one parcel..If,ina foreclosure sale, the premises arenot sold in one parcel, then Mortgagee shall be permitted to have thesame sold in such order as Mortgagee determines, atthe same time or separately, inMortgagee's sole discretion. Mortgagee shall not be required to obtain a deficiency judgment, orany other court approval, after the saleof any parcel in order for any other parcel to be sold. Neither Mortgagee nor any referee shall be required to submit any report to thecourt or account forthe proceeds from the saleof any parcel until allparcels are sold. Mortgagee shall have the right,if itso elects,to foreclose this Mortgage as to a portion of thepremises without foreclosing this Mortgage as tothe remainder of the premises, and upon doing so this Mortgage shall remain a valid and enforceable lien against theportion ofthe prernises not subject to such foreclosure for the fullamount remaining owed to Mortgagee, Ifthe Indebtedness issecured by separate mortgages on different properties,then theMortgagee may likewise foreclose said mortgages in such order as itdetermines, eitherat the same time or separately,in Mortgagee's sole discretion. 10. Collection Costs. In any action toforeclose this Mortgage,.or any action to collect any debt secured by thisMortgage or created hereunder, or any other action arising hereunder, or any actionto foreclose any interestor lienprior inright or claimed tobe prior in rightto allor partof the lien ofthe Mortgage, Mortgagor shallbe liable forand shall pay to Mortgagee, in addition toany other which liability may be established insuch action, allof Mortgagee's court costs and attorneys fees in the prosecution or defense of such action, plus interestthereon at theAltemate InterestRate (as defmed below), and the amount thereof shall be secured hereby. Such attomeys fees shall include, inaddition to fees incurreddirectly in such action or pmceeding, any reasonable attorneys fees incurred, before or after thecormnencement of such action or proceeding, in thecourse ofnegotiating any extension, modification or work- out of the Note and any expenses customarily billed by such attorneys, 1 I. Counterclaims. Mortgagor, in any action to foreclose thisMortgage, hereby waives the right to interposeany counterclaim against.Mortgagee, all ofwhich counterclaims must be asserted in a separateaction against M.ortgagee which shall not be consolidated with such foreclosure action. .12. Other Litigation and Related Expenses. Ifany action or proceeding be commenced (except an action to foreclose the Mortgage or tocollect any debt secured hereby), to which action or proceeding the Mortgagee ismade a party by virtueof its statusas holder of the Note, this Mortgage orany ofthe other loan Documents, orin which itbecomes necessary to defend or uphold the lien ofthis Mortgage including, without limitation,any condemnation or eminent domain proceedings, all sums paid by the Mortgagee for theexpense ofany such litigation(including reasonable attorneys feesand expenses customarily billedby such attorneys) shall be paid by the Mortgagor, together with interestat the Alternate InterestRate, and shallbe a lienon the premises, prior to any right,or titleto,interestin or claim upon said premises attaching or accruing subsequent to the lienof this Mortgage, and shall be deemed tobe secured by thisMortgage. 7 FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D390 13. Receiver. The holder of thisMortgage, in any action to foreclose it,shallbe entitledto theappointment of a receiver.Mortgagee shall have theright to nominate a receiver for appointment by the court, but such nomination shallin no way cause the receiverto be an agent of Mortgagee, nor shall Mortgagee be liableforany actionstaken by such receiver. Under no circumstances shall Mortgagee be considered a mortgagee in possession by virtue ofthe appointment of a receiver nominated by Mortgagee. 14. Continuance of Obligation. The obligation of thisMortgage and the Note shall continue untilthe entire debt owed thereon is paid,notwithstanding any action or actionsof partial foreclosure which may be brought to recover any amount or fortaxes, assessments, water rates, sewer rents or fireinsurance premiums due and payable hereunder. 15. Taxes. The Mortgagor willpay alltaxes, assessments, sewer rents or water rates, and in.default thereof, theMortgagee may pay thesame. Mortgagee may, from time totime inits sole discretion,filegrievances, appeals, tax certiorariproceedings or similar legalproceedings seeking to reduce the realproperty tax assessment forthe premises and the costs of any such proceedings including, without limitation,court costs, attorneys fees and the expenses of appraisals and other experts, shall be paid firstout of any recovery in such action and any remaining amount shall be paid by Mortgagor. Mortgagor will co-operate with Mortgagee in prosecuting any such proceeding. Mortgagee shall have no liabilityto Mortgagor with respect to any such proceeding or theresolution thereof by settlement or otherwise, itbeing understood that Mortgagor may protect itsinterestsby bringing such proceeding itself Such costs,with interest, shall be a lienon the premises prior toany rightor titleto,interestin or claim upon said premises attaching or accruing subsequent to the lien of thisMortgage, and shallbe deemed to be secured by thisMortgage and Mortgagor hereby assigns to Mortgagee as additional security forall amounts due and owing under the Note orthis Mortgage any and allrefunds of mal estate taxes arisingout of any tax grievance, tax certiorariproceeding or similar action with respect to any period from and afterthe date of this Mortgage. 16- Tax and Insurance Escrow. At the option of the Mortgagee, the Mortgagor shall pay, on the firstday of each month a sum equal to one-twelfth (1/12) of the annual insurance premiums, realestate taxes,water rates and sewer ratesto be held and applied by the Mortgagee to the payment of.said items; and in addition thereto, Mortgagor willpay toand deposit with Mortgagee such additionalreserve asmay be necessary so that such sum, added together with the monthly payments, shallmake up a fund sufficientto pay all the aforesaid items on their respective due datesand also sufficientto establisha cushion equal to one-twelfth of the annual amount payable. The determination of the amount payable under thisparagraph by Mortgagor may be based upon eitherthe single item or aggregate method of analysis, at Mortgagee's option. Such escrow account shallnot bear interest and may be mingled with the general funds of the Mortgagee; and in the event of any default in themonthly payment of one-twelfth of such insurance premiums, taxes,water rates and sewer rates, or any failure topay on demand any additional sums necessary to fullydischarge said items, the same shallconstitute in allrespects a default in the terms hereof and, at the option of the Mortgagee, allof the liabilitiesof the Mortgagor on the Note and thisMortgage, whether matured or umnatured, absolute or contingent, shall become immediately due afterany such default fora period offive days without notice or demand, In the event of any default under thisMortgage or the Note, the amount held 8 FILED: NEW YORK COUNTY CLERK 06/14/2022 04:49 PM INDEX NO. 602374/2009 NYSCEF DOC. NO. 74 RECEIVED NYSCEF: 06/14/2022 D391 by the Mortgagee pursuant to thisparagraph may be applied, without further notice or demand, in reduction of theIndebtedness. 17. Application of Escrow Funds. Ifthere shall be a default under any of the provisions of thisMortgage resulting in thepublic sale of thepremises covered hereby or ifthe Mortgagee shallacquire the premises otherwise afterdefault, the Mortgagee shall have the right to apply the balance of any funds held by itin escrow, either as a creditagainst the balance of the Indebtedness then remaining uDaid or tothe payment of any other charges, without any obligation to account therefor to the Mortgagor. 18. Proof of Payment. Mortgagor shalldeliver to Mortgagee, within 30 d ays afterthe due date thereof, copies ofpaid receipts for alltaxes,special assessments, water and sewer charges applicable tothe premises. 19. Protective Advances. Ifthe Mortgagee shallpay orincur any expense inorder to maintain the securityof this Mortgage or to cure any default under the Loan Documents, including,without limitation,the payment ofany realestate taxes, water rates, sewer rents, assessments, insurance premiums, or expenses of repairing, securing, or remedying any adverse condition on thepremises, any such payments shallbear interest at theAlternat