OMB Approval No. 2502-0605
(exp. 03/31/2018)
ADDENDUM
(New York)
HUD Project Number:
Project Name:
The title of the Security Instrument is modified as follows: HEALTHCARE MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (NEW YORK).
In the event mortgage proceeds are for construction costs or other improvements, the following section is incorporated into the MULTIFAMILY MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT and made a part thereof:
50. Lien Law. The Borrower shall, in compliance with Section 13 of New York’s Lien Law, receive the advances secured hereby and shall hold the right to receive such advances as a trust fund to be applied first for the purpose of paying the cost of the improvement and shall apply the same first to the payment of the cost of the improvement before using any part of the total of the same for any other purpose.
THIS SECURITY INSTRUMENT SHALL BE PREPARED TO CONFORM TO THE REQUIREMENTS OF THE LOCAL FILING JURISDICTION IN WHICH THE DOCUMENT IS TO BE RECORDED AND FILED.
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Security Instrument/Mortgage/Deed of Trust - Addendum
| File Type | application/vnd.openxmlformats-officedocument.wordprocessingml.document |
| Author | Preferred User |
| File Modified | 0000-00-00 |
| File Created | 2021-07-15 |