Preview
FILED: NASSAU COUNTY CLERK 03/13/2023 11:49 AM INDEX NO. 613956/2020
NYSCEF DOC. NO. 54 RECEIVED NYSCEF: 03/13/2023
EXHIBIT B
FILED: NASSAU
FILED: NASSAU COUNTY
COUNTY CLERK
CLERK 03/13/2023
02/09/2021 11:49
12:45 AM
PM INDEX NO.
INDEX NO. 613956/2020
613956/2020
NYSCEF DOC.
NYSCEF DOC. NO.
NO. 54
18 RECEIVED NYSCEF:
RECEIVED NYSCEF: 03/13/2023
02/09/2021
Mortgage, Se urity Agreement and
Assignment f Rents and Leases
GROUP, LLC ("Mortgagor")
And
LOAN FUNDER LLC, SERIES 5917
("Mortgagec")
County of Nassau, and State of New York
572 Clark Place, Uniondale, NY 11553
(Section: 50 Block: 384 Lot: 17)
RECORD AND RETURN
ROC CAPITAL
645 Madison Avenue, 19th Floor
New York, NY 10022
FILED: NASSAU
FILED: NASSAU COUNTY
COUNTY CLERK
CLERK 03/13/2023
02/09/2021 11:49
12:45 AM
PM INDEX NO.
INDEX NO. 613956/2020
613956/2020
NYSCEF DOC.
NYSCEF DOC. NO.
NO. 54
18 RECEIVED NYSCEF:
RECEIVED NYSCEF: 03/13/2023
02/09/2021
Old Republic Title Insurance Company
Title Number: BR40319N
Page 1
SCHEDULE A DESCRIPTION
ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon
erected, situate, lying and being in Uniondale, Town of Hempstead, County of Nassau and
State of New York, by Lot Numbered 17 in Block 384 on a certain map entitled, "Map of
Uniondale Villas, situated at Uniondale, Town of Hempstead, Nassau County, New York,
1947"
surveyed by William K. Pany, Inc., October 15, and filed in the Office of the Clerk of
the County of Nassau December 17, 1947 as Map #4479 bounded and described
according to said map as follows:
BEGINNING at a point on the Westerly side of Clark Place (formerly Oak Place), distant
161.03 feet Northerly from the corner formed by the intersection of the Northerly side of
Jerusalem Avenue with the Westerly side of Clark Place (formerly Oak Place);
RUNNING THENCE North 76 degrees 43 minutes 20 seconds West, a distance of 100
feet;
THENCE North 13 degrees 16 minutes 40 seconds East, a distance of 50 feet;
THENCE South 76 degrees 43 minutes 20 seconds East, a distance of 100 feet to the
Westerly side of Clark Place (formerly Oak Place):
THENCE South 13 degrees 16 minutes 40 seconds West and along the Westerly side of
Clark Place (formerly Oak Place), a distance of 50 feet to the point or place of
BEGINNING
Said premises being known as: 572 Clark Place, Uniondale
Sec: 50 Block: 384 Lot: 17
1
FILED: NASSAU
FILED: NASSAU COUNTY
COUNTY CLERK
CLERK 03/13/2023
02/09/2021 11:49
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PM INDEX NO.
INDEX NO. 613956/2020
613956/2020
NYSCEF DOC.
NYSCEF DOC. NO.
NO. 54
18 RECEIVED NYSCEF:
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MORTGAGE, SECURITY AGREEMENT
AND ASSIGNMENT OF RENTS AND LEASES
THIS MORTGAGE, SECURITY AGREEMENT and ASSIGNMENT OF RENTS AND
LEASES ("Mortgage"), made the 27th day of December, 2018 between LEGACY INV. &
MANAGEMENT GROUP, LLC, a New York Limited Liability Company, located at 50
Clinton Street, Suite 99, Hempstead, NY 11550 ("Mortgagor") and LOAN FUNDER LLC,
SERIES 5917, a Delaware Limited Liability Company, having an office at 645 Madison
Avenue, 19th Floor, New York, NY 10022 ("Mortgagee").
WITNESSETH, that to secure the payment of an indebtedness in the sum TWO HUNDRED
FORTY THOUSAND THREE HUNDRED 00/100 DOLLARS ($240,300.00), lawful
money of the United States, or so much thereof as may be advanced, to be paid according to
a certain bond, note or obligation bearing even date herewith (such instrument, as the same
may be hereafter amended, modified or extended, being hereinafter called the "Note") and to
secure the payment of interest and any other sums payable pursuant to the Note or this
Mortgage and the performance and observance of all the provisions of the Note, and this
Mortgage, the Mortgagor hereby mortgages to the Mortgagee:
ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon
erected or to be erected (hereinafter called the "Premises"), commonly known 572 Clark
Place, Uniondale, NY 11553 (Section: 50 Block: 384 Lot: 17, Nassau County, State of
New York) and more particularly bounded and described in Schedule A annexed hereto and
made a part hereof;
TOGETHER with all right, title and interest, if any, of the Mortgagor of, in and to the land
lying in the streets, roads or avenues, open or proposed, in front of and adjoining the Premises
and of, in and to any strips or gores of land adjoining the Premises;
TOGETHER, ALSO, with all fixtures, chattels and articles of personal property now or
hereafter attached to or located in or upon the Premises, and used or usable in connection with
any present or future operation or letting ofthe Premises or the activities at any time conducted
therein (hereinafter called "Building Equipment"), including but not limited to furnaces,
boilers, oil burners, radiators and piping, coal stokers, plumbing and bathroom fixtures,
refrigeration, air conditioning and sprinkler systems, wash-tubs, sinks, gas and electric
fixtures, stoves, ranges, awnings, screens, window shades, elevators, motors, dynamos,
refrigerators, kitchen cabinets, incinerators, plants and shrubbery and all other machinery,
appliances, fittings, furniture, filrnishings and fixtures of every kind used in the operation of
the buildings standing or hereafter erected on the Premises, together with any and all
replacements thereof and additions thereto, and all right, title and interest of the Mortgagor in
and to any Building Equipment which may be subject to any security agreements, as defined
in subdivision (1)(1) of Section 9-102 of the Uniform Commercial Code of the State of New
York (hereinafter called "Security Agreements"), superior in lien to the lien of this Mortgage;
it being understood and agreed that all Building Equipment is part and parcel of the Premises
and appropriated to the use thereof and, whether affixed or annexed to the Premises or not,
shall, for the purpose of this Mortgage, be deemed conclusively to be real estate and
FILED: NASSAU
FILED: NASSAU COUNTY
COUNTY CLERK
CLERK 03/13/2023
02/09/2021 11:49
12:45 AM
PM INDEX NO.
INDEX NO. 613956/2020
613956/2020
NYSCEF DOC.
NYSCEF DOC. NO.
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mortgaged hereby; and the Mortgagor agrees to execute and deliver, from time to time, such
further instruments (including further Security Agreements) as may be requested by the
Mortgagee to confirm the lien of this Mortgage on any Building Equipment;
TOGETHER, ALSO, with any and all awards, including interest thereon, heretofore and
hereafter made to the Mortgagor for the taking by eminent domain of the whole or any part of
the Premises or any easement therein, including any awards for changes of grade of streets,
which said awards are hereby assigned to the 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 mortgage debt, notwithstanding the fact that
the amount owing thereonmaynotthenbe due and payable; and the Mortgagorhereby agrees,
upon request, to make, execute and deliver any and all instruments sufficient for the purpose
of confirming such assignment of said awards to the Mortgagee, free, clear and discharged of
any encumbrances of any kind or nature whatsoever;
TOGETHER, ALSO, with all the Mortgagor's interest in all agreements, contracts,
certificates, instruments and other documents, now or hereafter entered into, pertaining to the
construction. operation or management of any structure or building now or hereafter erected
on the Premises;
TOGETHER, ALSO, with all the Mortgagor's interest in all franchises, permits, licenses and
rights therein and thereto respecting the use, occupation or operation of the Premises;
TOGETHER, ALSO, with all the Mortgagor's interest in all easements, rights-of-way, and
appurtenances whatsoever in any way belonging, relating or appurtenant to the Premises,
whether now owned or hereafter acquired by Mortgagor;
TOGETHER, ALSO, with all of the Mortgagor's interest in all unearned premiums accrued,
accruing or to accrue under any and all insurance policies affecting the Premises and all
insurance proceeds paid or payable with respect to the Premises;
TOGETHER, ALSO, with all of the Mortgagor's interest in all contract rights, security
deposits, tradenames, trademarks, franchises, warranties, refunds or rebates of taxes or
assessments upon the Premises, whether paid or to be paid, and other intangible property
owned by the Mortgagor and used or useful in connection with the operation, use and
occupancy of the Premises;
TOGETHER, ALSO, with the Mortgagor's rights further to encumber the Premises for debt.
AND the Mortgagor covenants with the Mortgagee as follows:
1. That the Mortgagor will pay the indebtedness as hereinbefore provided.
2. a) That the Mortgagor, at its sole cost and expense, shall maintain the following
insurance:
FILED: NASSAU
FILED: NASSAU COUNTY
COUNTY CLERK
CLERK 03/13/2023
02/09/2021 11:49
12:45 AM
PM INDEX NO.
INDEX NO. 613956/2020
613956/2020
NYSCEF DOC.
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(i) Insurance on any building and any other improvements covered by the
lien of this Mortgage (hereinafter sometimes collectively referred to as the
"Building") and the Building Equipment against loss or damage by fire and
"All-Risks"
against loss or damage by other risks now or hereafter embraced by
insurance, so called, in an amount sufficient to prevent the Mortgagor from
becoming a co-insurer under applicable
the policies but, in any event, not less
cost"
than 100% of the "full replacement thereof, without deduction for
depreciation, and with a replacement cost endorsement, agreed amount
endorsement and ordinance or law coverage endorsement satisfactory to the
cost"
Mortgagee. As used herein, "full replacement shall mean (A) with
reference to the Building, the cost of replacing the Building, exclusive of the
cost'of excavations, foundations and footings below the lowest basement floor,
and (B) with reference to the Building Equipment, the cost of replacing the
Building Equipment, and in either case, without deduction for the physical
depreciation thereof. Such full replacement cost shall be determined from time
to time (but not more often than once every twenty-four months) at the request
of the Mortgagee an insurer or by an appraiser, architect or contractor desig-
by
nated by the Mortgagee and paid by the Mortgagor. No omission on the part
of the Mortgagee to request any such determination shall relieve the Mortgagor
of any of its obligations under this Article 2.
(ii) Commercial general liability insurance (with contractual liability on an
occunence basis and blanket contractual completed opera-
including liability,
tions and personal injury coverage) against claims for bodily injury, death or
property damage occurring on, in or about the Premises, such insurance to
afford protection, during the term of this Mortgage, in such amounts as the
Mortgagee may from time to time require.
(iii) Insurance against loss or damage from (A) leakage of sprinkler systems
and (B) explosion of steam boilers, air conditioning equipment, pressure
vessels or similar apparatus now or hereafter installed in the Building, in such
amounts as the Mortgagee shall from time to time require.
(iv) Rent and/or business interruption insurance for loss occasioned by the
Risks"
perils commonly insured in the "All policy, so-called, in an amount not
"Taxes"
less than one year's gross income from the Premises plus the annual
(as defined in Article 5(b) hereof) thereon.
(v) When all or any portion of the Premises is located within a flood zone
or area designated as subject to flood by the Federal Insurance Administration,
Department of Housing and Urban Development or, if such flood insurance is
otherwise required by any Federal, State or local rule, law, statute, regulation
or ordinance, flood insurance on the Building in an amount equal to the lesser
cost"
of "full replacement thereof or the maximum amount of insurance
obtainable.
FILED: NASSAU
FILED: NASSAU COUNTY
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CLERK 03/13/2023
02/09/2021 11:49
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(vi) Worker's compensation and employer's liability insurance, subject to
statutory ]imitations or better, in regard to work or other operations on, about
or in connection with the Premises.
(vii) When required by the Mortgagee, such other insurance in such amounts
as may from time to time be required by Mortgagee against other insurable
hazards which at the time are commonly insured against and generally
available in the case of premises similarly situated, due regard being or to be
given, to the height and type of the Building, its construction, use and
occupancy.
b) That the Mortgagor shall not take out separate insurance concurrent in form or
contributing in the event of loss with that required to be maintained hereunder unless:
(i) the policies are submitted to the Mortgagee for its prior approval;
(ii) the insurers thereunder and the terms thereof are acceptable to the Mortgagee
in accordance with the requirements of this Article; and
(iii) the Mortgagee is included therein as mortgagee and/or loss payee, with loss
payable as provided in this Article.
c) The Mortgagor shall immediately notify the Mortgagee whenever any such
separate insurance is taken out and shall promptly deliver to the Mortgagee the policy
or policies of such insurance.
d) That all insurance provided for in this Article 2 shall be effected under valid
and enforceable policies issued by financially responsible insurers having a general
policyholder's and financial rating of not less than A/X, as rated in the most currently
available Best's Insurance Reports, and incorporated under the Laws of the United
States or any state thereof and authorized to do business in the State ofNew York and
which are approved in writing by the Mortgagee. It is further agreed that the aggregate
amount of coverage underwritten by any insurer in conformance with the provisions
of this Mortgage shall not exceed 10% of that insurer's surplus to policyholders. Upon
the execution of this Mortgage and thereafter, not less than thirty (30) days prior to the
expiration dates of the expiring policies theretofore furnished pursuant to this Article
2 or any other Article of this Mortgage, originals or certified copies of the policies
bearing notations evidencing the payment of not less than one year's premiums, or
accompanied by other evidence satisfactory to the Mortgagee of such payment, shall
be assigned and delivered by the Mortgagor to the Mortgagee.
e) That all policies of insurance required by clauses (i), (iii), (iv), (v) and, if
appropriate, (vii) of subdivision (a) of this Article 2 shall contain the standard
non-contributory mortgagee endorsement in favor of the Mortgagee (entitling the
Mortgagee to collect any and all proceeds payable under such insurance), and shall
provide that the Mortgagee shall have the sole and exclusive right to adjust any
FILED: NASSAU
FILED: NASSAU COUNTY
COUNTY CLERK
CLERK 03/13/2023
02/09/2021 11:49
12:45 AM
PM INDEX NO.
INDEX NO. 613956/2020
613956/2020
NYSCEF DOC.
NYSCEF DOC. NO.
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insurance awards. All policies of insurance required by clause (ii) of subdivision (a)
of this Article 2 shall name the Mortgagee as an additional insured. All insurance
maintained by the Mortgagor shall be satisfactory in all respects to the Mortgagee and
shall provide that (i) no cancellation, material change or reduction in the coverage or
amounts thereof shall be effective until at least thirty (30) days after receipt by the
Mortgagee of written notice and all losses shall be payable notwithstand-
thereof, (ii)
ing any act or negligence of the Mortgagor or its agents or employees which might,
Preview
FILED: NASSAU COUNTY CLERK 03/13/2023 11:49 AM INDEX NO. 613956/2020 NYSCEF DOC. NO. 54 RECEIVED NYSCEF: 03/13/2023 EXHIBIT B FILED: NASSAU FILED: NASSAU COUNTY COUNTY CLERK CLERK 03/13/2023 02/09/2021 11:49 12:45 AM PM INDEX NO. INDEX NO. 613956/2020 613956/2020 NYSCEF DOC. NYSCEF DOC. NO. NO. 54 18 RECEIVED NYSCEF: RECEIVED NYSCEF: 03/13/2023 02/09/2021 Mortgage, Se urity Agreement and Assignment f Rents and Leases GROUP, LLC ("Mortgagor") And LOAN FUNDER LLC, SERIES 5917 ("Mortgagec") County of Nassau, and State of New York 572 Clark Place, Uniondale, NY 11553 (Section: 50 Block: 384 Lot: 17) RECORD AND RETURN ROC CAPITAL 645 Madison Avenue, 19th Floor New York, NY 10022 FILED: NASSAU FILED: NASSAU COUNTY COUNTY CLERK CLERK 03/13/2023 02/09/2021 11:49 12:45 AM PM INDEX NO. INDEX NO. 613956/2020 613956/2020 NYSCEF DOC. NYSCEF DOC. NO. NO. 54 18 RECEIVED NYSCEF: RECEIVED NYSCEF: 03/13/2023 02/09/2021 Old Republic Title Insurance Company Title Number: BR40319N Page 1 SCHEDULE A DESCRIPTION ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected, situate, lying and being in Uniondale, Town of Hempstead, County of Nassau and State of New York, by Lot Numbered 17 in Block 384 on a certain map entitled, "Map of Uniondale Villas, situated at Uniondale, Town of Hempstead, Nassau County, New York, 1947" surveyed by William K. Pany, Inc., October 15, and filed in the Office of the Clerk of the County of Nassau December 17, 1947 as Map #4479 bounded and described according to said map as follows: BEGINNING at a point on the Westerly side of Clark Place (formerly Oak Place), distant 161.03 feet Northerly from the corner formed by the intersection of the Northerly side of Jerusalem Avenue with the Westerly side of Clark Place (formerly Oak Place); RUNNING THENCE North 76 degrees 43 minutes 20 seconds West, a distance of 100 feet; THENCE North 13 degrees 16 minutes 40 seconds East, a distance of 50 feet; THENCE South 76 degrees 43 minutes 20 seconds East, a distance of 100 feet to the Westerly side of Clark Place (formerly Oak Place): THENCE South 13 degrees 16 minutes 40 seconds West and along the Westerly side of Clark Place (formerly Oak Place), a distance of 50 feet to the point or place of BEGINNING Said premises being known as: 572 Clark Place, Uniondale Sec: 50 Block: 384 Lot: 17 1 FILED: NASSAU FILED: NASSAU COUNTY COUNTY CLERK CLERK 03/13/2023 02/09/2021 11:49 12:45 AM PM INDEX NO. INDEX NO. 613956/2020 613956/2020 NYSCEF DOC. NYSCEF DOC. NO. NO. 54 18 RECEIVED NYSCEF: RECEIVED NYSCEF: 03/13/2023 02/09/2021 MORTGAGE, SECURITY AGREEMENT AND ASSIGNMENT OF RENTS AND LEASES THIS MORTGAGE, SECURITY AGREEMENT and ASSIGNMENT OF RENTS AND LEASES ("Mortgage"), made the 27th day of December, 2018 between LEGACY INV. & MANAGEMENT GROUP, LLC, a New York Limited Liability Company, located at 50 Clinton Street, Suite 99, Hempstead, NY 11550 ("Mortgagor") and LOAN FUNDER LLC, SERIES 5917, a Delaware Limited Liability Company, having an office at 645 Madison Avenue, 19th Floor, New York, NY 10022 ("Mortgagee"). WITNESSETH, that to secure the payment of an indebtedness in the sum TWO HUNDRED FORTY THOUSAND THREE HUNDRED 00/100 DOLLARS ($240,300.00), lawful money of the United States, or so much thereof as may be advanced, to be paid according to a certain bond, note or obligation bearing even date herewith (such instrument, as the same may be hereafter amended, modified or extended, being hereinafter called the "Note") and to secure the payment of interest and any other sums payable pursuant to the Note or this Mortgage and the performance and observance of all the provisions of the Note, and this Mortgage, the Mortgagor hereby mortgages to the Mortgagee: ALL that certain plot, piece or parcel of land, with the buildings and improvements thereon erected or to be erected (hereinafter called the "Premises"), commonly known 572 Clark Place, Uniondale, NY 11553 (Section: 50 Block: 384 Lot: 17, Nassau County, State of New York) and more particularly bounded and described in Schedule A annexed hereto and made a part hereof; TOGETHER with all right, title and interest, if any, of the Mortgagor of, in and to the land lying in the streets, roads or avenues, open or proposed, in front of and adjoining the Premises and of, in and to any strips or gores of land adjoining the Premises; TOGETHER, ALSO, with all fixtures, chattels and articles of personal property now or hereafter attached to or located in or upon the Premises, and used or usable in connection with any present or future operation or letting ofthe Premises or the activities at any time conducted therein (hereinafter called "Building Equipment"), including but not limited to furnaces, boilers, oil burners, radiators and piping, coal stokers, plumbing and bathroom fixtures, refrigeration, air conditioning and sprinkler systems, wash-tubs, sinks, gas and electric fixtures, stoves, ranges, awnings, screens, window shades, elevators, motors, dynamos, refrigerators, kitchen cabinets, incinerators, plants and shrubbery and all other machinery, appliances, fittings, furniture, filrnishings and fixtures of every kind used in the operation of the buildings standing or hereafter erected on the Premises, together with any and all replacements thereof and additions thereto, and all right, title and interest of the Mortgagor in and to any Building Equipment which may be subject to any security agreements, as defined in subdivision (1)(1) of Section 9-102 of the Uniform Commercial Code of the State of New York (hereinafter called "Security Agreements"), superior in lien to the lien of this Mortgage; it being understood and agreed that all Building Equipment is part and parcel of the Premises and appropriated to the use thereof and, whether affixed or annexed to the Premises or not, shall, for the purpose of this Mortgage, be deemed conclusively to be real estate and FILED: NASSAU FILED: NASSAU COUNTY COUNTY CLERK CLERK 03/13/2023 02/09/2021 11:49 12:45 AM PM INDEX NO. INDEX NO. 613956/2020 613956/2020 NYSCEF DOC. NYSCEF DOC. NO. NO. 54 18 RECEIVED NYSCEF: RECEIVED NYSCEF: 03/13/2023 02/09/2021 mortgaged hereby; and the Mortgagor agrees to execute and deliver, from time to time, such further instruments (including further Security Agreements) as may be requested by the Mortgagee to confirm the lien of this Mortgage on any Building Equipment; TOGETHER, ALSO, with any and all awards, including interest thereon, heretofore and hereafter made to the Mortgagor for the taking by eminent domain of the whole or any part of the Premises or any easement therein, including any awards for changes of grade of streets, which said awards are hereby assigned to the 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 mortgage debt, notwithstanding the fact that the amount owing thereonmaynotthenbe due and payable; and the Mortgagorhereby agrees, upon request, to make, execute and deliver any and all instruments sufficient for the purpose of confirming such assignment of said awards to the Mortgagee, free, clear and discharged of any encumbrances of any kind or nature whatsoever; TOGETHER, ALSO, with all the Mortgagor's interest in all agreements, contracts, certificates, instruments and other documents, now or hereafter entered into, pertaining to the construction. operation or management of any structure or building now or hereafter erected on the Premises; TOGETHER, ALSO, with all the Mortgagor's interest in all franchises, permits, licenses and rights therein and thereto respecting the use, occupation or operation of the Premises; TOGETHER, ALSO, with all the Mortgagor's interest in all easements, rights-of-way, and appurtenances whatsoever in any way belonging, relating or appurtenant to the Premises, whether now owned or hereafter acquired by Mortgagor; TOGETHER, ALSO, with all of the Mortgagor's interest in all unearned premiums accrued, accruing or to accrue under any and all insurance policies affecting the Premises and all insurance proceeds paid or payable with respect to the Premises; TOGETHER, ALSO, with all of the Mortgagor's interest in all contract rights, security deposits, tradenames, trademarks, franchises, warranties, refunds or rebates of taxes or assessments upon the Premises, whether paid or to be paid, and other intangible property owned by the Mortgagor and used or useful in connection with the operation, use and occupancy of the Premises; TOGETHER, ALSO, with the Mortgagor's rights further to encumber the Premises for debt. AND the Mortgagor covenants with the Mortgagee as follows: 1. That the Mortgagor will pay the indebtedness as hereinbefore provided. 2. a) That the Mortgagor, at its sole cost and expense, shall maintain the following insurance: FILED: NASSAU FILED: NASSAU COUNTY COUNTY CLERK CLERK 03/13/2023 02/09/2021 11:49 12:45 AM PM INDEX NO. INDEX NO. 613956/2020 613956/2020 NYSCEF DOC. NYSCEF DOC. NO. NO. 54 18 RECEIVED NYSCEF: RECEIVED NYSCEF: 03/13/2023 02/09/2021 (i) Insurance on any building and any other improvements covered by the lien of this Mortgage (hereinafter sometimes collectively referred to as the "Building") and the Building Equipment against loss or damage by fire and "All-Risks" against loss or damage by other risks now or hereafter embraced by insurance, so called, in an amount sufficient to prevent the Mortgagor from becoming a co-insurer under applicable the policies but, in any event, not less cost" than 100% of the "full replacement thereof, without deduction for depreciation, and with a replacement cost endorsement, agreed amount endorsement and ordinance or law coverage endorsement satisfactory to the cost" Mortgagee. As used herein, "full replacement shall mean (A) with reference to the Building, the cost of replacing the Building, exclusive of the cost'of excavations, foundations and footings below the lowest basement floor, and (B) with reference to the Building Equipment, the cost of replacing the Building Equipment, and in either case, without deduction for the physical depreciation thereof. Such full replacement cost shall be determined from time to time (but not more often than once every twenty-four months) at the request of the Mortgagee an insurer or by an appraiser, architect or contractor desig- by nated by the Mortgagee and paid by the Mortgagor. No omission on the part of the Mortgagee to request any such determination shall relieve the Mortgagor of any of its obligations under this Article 2. (ii) Commercial general liability insurance (with contractual liability on an occunence basis and blanket contractual completed opera- including liability, tions and personal injury coverage) against claims for bodily injury, death or property damage occurring on, in or about the Premises, such insurance to afford protection, during the term of this Mortgage, in such amounts as the Mortgagee may from time to time require. (iii) Insurance against loss or damage from (A) leakage of sprinkler systems and (B) explosion of steam boilers, air conditioning equipment, pressure vessels or similar apparatus now or hereafter installed in the Building, in such amounts as the Mortgagee shall from time to time require. (iv) Rent and/or business interruption insurance for loss occasioned by the Risks" perils commonly insured in the "All policy, so-called, in an amount not "Taxes" less than one year's gross income from the Premises plus the annual (as defined in Article 5(b) hereof) thereon. (v) When all or any portion of the Premises is located within a flood zone or area designated as subject to flood by the Federal Insurance Administration, Department of Housing and Urban Development or, if such flood insurance is otherwise required by any Federal, State or local rule, law, statute, regulation or ordinance, flood insurance on the Building in an amount equal to the lesser cost" of "full replacement thereof or the maximum amount of insurance obtainable. FILED: NASSAU FILED: NASSAU COUNTY COUNTY CLERK CLERK 03/13/2023 02/09/2021 11:49 12:45 AM PM INDEX NO. INDEX NO. 613956/2020 613956/2020 NYSCEF DOC. NYSCEF DOC. NO. NO. 54 18 RECEIVED NYSCEF: RECEIVED NYSCEF: 03/13/2023 02/09/2021 (vi) Worker's compensation and employer's liability insurance, subject to statutory ]imitations or better, in regard to work or other operations on, about or in connection with the Premises. (vii) When required by the Mortgagee, such other insurance in such amounts as may from time to time be required by Mortgagee against other insurable hazards which at the time are commonly insured against and generally available in the case of premises similarly situated, due regard being or to be given, to the height and type of the Building, its construction, use and occupancy. b) That the Mortgagor shall not take out separate insurance concurrent in form or contributing in the event of loss with that required to be maintained hereunder unless: (i) the policies are submitted to the Mortgagee for its prior approval; (ii) the insurers thereunder and the terms thereof are acceptable to the Mortgagee in accordance with the requirements of this Article; and (iii) the Mortgagee is included therein as mortgagee and/or loss payee, with loss payable as provided in this Article. c) The Mortgagor shall immediately notify the Mortgagee whenever any such separate insurance is taken out and shall promptly deliver to the Mortgagee the policy or policies of such insurance. d) That all insurance provided for in this Article 2 shall be effected under valid and enforceable policies issued by financially responsible insurers having a general policyholder's and financial rating of not less than A/X, as rated in the most currently available Best's Insurance Reports, and incorporated under the Laws of the United States or any state thereof and authorized to do business in the State ofNew York and which are approved in writing by the Mortgagee. It is further agreed that the aggregate amount of coverage underwritten by any insurer in conformance with the provisions of this Mortgage shall not exceed 10% of that insurer's surplus to policyholders. Upon the execution of this Mortgage and thereafter, not less than thirty (30) days prior to the expiration dates of the expiring policies theretofore furnished pursuant to this Article 2 or any other Article of this Mortgage, originals or certified copies of the policies bearing notations evidencing the payment of not less than one year's premiums, or accompanied by other evidence satisfactory to the Mortgagee of such payment, shall be assigned and delivered by the Mortgagor to the Mortgagee. e) That all policies of insurance required by clauses (i), (iii), (iv), (v) and, if appropriate, (vii) of subdivision (a) of this Article 2 shall contain the standard non-contributory mortgagee endorsement in favor of the Mortgagee (entitling the Mortgagee to collect any and all proceeds payable under such insurance), and shall provide that the Mortgagee shall have the sole and exclusive right to adjust any FILED: NASSAU FILED: NASSAU COUNTY COUNTY CLERK CLERK 03/13/2023 02/09/2021 11:49 12:45 AM PM INDEX NO. INDEX NO. 613956/2020 613956/2020 NYSCEF DOC. NYSCEF DOC. NO. NO. 54 18 RECEIVED NYSCEF: RECEIVED NYSCEF: 03/13/2023 02/09/2021 insurance awards. All policies of insurance required by clause (ii) of subdivision (a) of this Article 2 shall name the Mortgagee as an additional insured. All insurance maintained by the Mortgagor shall be satisfactory in all respects to the Mortgagee and shall provide that (i) no cancellation, material change or reduction in the coverage or amounts thereof shall be effective until at least thirty (30) days after receipt by the Mortgagee of written notice and all losses shall be payable notwithstand- thereof, (ii) ing any act or negligence of the Mortgagor or its agents or employees which might,