MORTGAGE SPLITTER AGREEMENT

AGREEMENT made this __________ day of __________, 20____, by and between __________, with an address of __________ (a domestic corporation organized and existing under the laws of the State of New York having an office at __________) (hereinafter “Mortgagor”), and __________, a bank organized and existing under the laws of the State of New York and having a principal place of business at __________ (hereinafter “Mortgagee”).

WHEREAS, the Mortgagee is the holder of a certain Note dated __________ executed by __________ in the sum of __________ ($ __________) Dollars (the “Note”) secured by the Mortgage(s) described on Schedule A hereto (the “Mortgage”), upon which Mortgage there is now due and owing the principal sum of $__________, with interest thereon pursuant to said Note; and

WHEREAS, the Mortgagor is desirous of severing, splitting and dividing the lien of the Mortgage so as to constitute __________ separate liens, as set forth on Schedule B hereto; and

WHEREAS, Mortgagee hereby consents to the severing, splitting and dividing of the lien of the mortgage upon the terms, conditions and provisions set forth herein.

NOW, THEREFORE, in consideration of the representations, warranties, covenants and agreements of the Mortgagor herein contained, and the mutual promises of the parties hereto, and for other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, it is agreed as follows:

1.	The aforesaid Mortgage, now a lien on Parcels A and B, be and the same is hereby severed, split and divided so that the same shall hereafter constitute but one first mortgage lien securing the principal sum of __________ ($	__________) Dollars and interest upon Parcel A only; one first mortgage lien securing the principal sum of _________ ($	__________) Dollars and interest upon Parcel B only; (add statement for each additional Parcel).

2.	In consideration of the severing, splitting and division of the Mortgage as herein provided, the Mortgagor does hereby represent, warrant, covenant and agree as follows:

a)	Mortgage A is a valid first lien on Parcel A, for the full amount of principal in the sum of _________ ($___________ Dollars and interest thereon, and that there are no offsets and/or defenses to said Mortgage A and the Note or other obligations it secures;

b)	Mortgage B is a valid first lien on Parcel B, for the full amount of principal in the sum of __________ ($__________) Dollars and interest thereon, and that there are no offsets and/or defenses to said Mortgage B and the Note or other obligations it secures;

c)	(Continue for each additional Parcel)

d)	That all the terms, conditions and/or provisions of said Notes and mortgages, except as herein modified and amended, shall remain in full force and effect and shall be binding until further modified by subsequent agreement between Mortgagor and Mortgagee.

	

IN WITNESS WHEREOF, the Mortgagor and Mortgagee have caused this instrument to be duly executed as of the day and year first above written.

MORTGAGOR	MORTGAGEE

_________________________________             _________________________________

By:______________________________             By:_______________________________
    (Name and Title)                                                      (Name and Title)

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ACKNOWLEDGEMENT TAKEN IN NEW YORK STATE

State of __________ County of __________, ss:

On the __________ day of __________, in the year 20 ___, before me the undersigned, personally appeared __________ personally known to me or proved to me on the basis of satisfactory evidence, to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that (he) (she) (they) executed the same in (his) (her) (their) capacity(ies), and that by (his) (her) (their) signature(s) on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

________________________________
Notary Public

ACKNOWLEDGEMENT TAKEN IN NEW YORK STATE

State of __________ County of __________, ss:

On the __________ day of __________, in the year 20 ___, before me the undersigned, personally appeared __________ personally known to me or proved to me on the basis of satisfactory evidence, to be the individual(s) whose name(s) is (are) subscribed to the within instrument and acknowledged to me that (he) (she) (they) executed the same in (his) (her) (their) capacity(ies), and that by (his) (her) (their) signature(s) on the instrument, the individual(s) or the person upon behalf of which the individual(s) acted, executed the instrument.

________________________________
Notary Public

SCHEDULE A

MORTGAGES

SCHEDULE B

SEVERED MORTGAGES

MORTGAGE SPLITTER AGREEMENT

Title No.:

		To

Section:
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Lot:
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