Mortgage, Assignment of Leases and Rents, Security Contract, Financing Statement, and Fixture Filing (Lender-friendly) (Without Loan Contract) (New York)
About this template
This legal template pertains to various aspects of a mortgage agreement in the state of New York. It includes provisions for the assignment of leases and rents, which allows the lender to collect and manage the rental income generated by the mortgaged property. The template also encompasses a security contract, which outlines the conditions of the collateral securing the loan, as well as a financing statement, which serves as a public notice of the lender's interest in the mortgaged property.
Furthermore, this template includes a fixture filing, which establishes the lender's priority claim on any fixtures attached to the property. It is specifically designed to be lender-friendly, meaning that the terms and conditions lean in favor of the lender, providing them with greater protection and control over the loan and collateral.
It's important to note that this legal template does not include a loan contract, which typically governs the terms and conditions of the loan itself. However, this template complements a loan contract by providing the necessary documentation and framework for securing the loan, managing rental income, and establishing priority rights over fixtures in the event of default or foreclosure.