Residential Contract Of Sale Template Page 3
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164. Existing Mortgage. (Delete if inapplicable) If this sale is subject to an
existing mortgage as indicated in paragraph 3(b) above:
(a) The Premises shall be conveyed subject to the continuing lien of the
existing mortgage, which is presently payable, with interest at the rate of ___________
percent per annum, in monthly installments of $__________ which include principal,
interest and escrow amounts, if any, and with any balance of principal being due and
payable on ______________________________.
(b) To the extent that any required payments are made on the existing
mortgage between the date hereof and Closing which reduce the unpaid principal amount
thereof below the amount shown in paragraph 3(b), then the balance of the price payable
at Closing under paragraph 3(d) shall be increased by the amount of the payments of
principal. Seller represents and warrants that the amount shown in paragraph 3(b) is
substantially correct and agrees that only payments required by the existing mortgage will
be made between the date hereof and Closing.
(c) If there is a mortgagee escrow account, Seller shall assign it to
Purchaser, if it can be assigned, and in that case Purchaser shall pay the amount in the
escrow account to Seller at Closing.
(d) Seller shall deliver to Purchaser at Closing a certificate dated not more
than 30 days before Closing signed by the holder of the existing mortgage, in form for
recording, certifying the amount of the unpaid principal, the date to which interest has
been paid and the amounts, if any, claimed to be unpaid for principal and interest,
itemizing the same. Seller shall pay the fees for recording such certificate. If the holder of
the existing mortgage is a bank or other institution as defined in Section 274-a of the Real
Property Law it may, instead of the certificate, furnish a letter signed by a duly
authorized officer, employee or agent, dated not more than 30 days before Closing,
containing the same information.
(e) Seller represents and warrants that (i) Seller has delivered to Purchaser
true and complete copies of the existing mortgage, the note secured thereby and any
extensions and modifications thereof, (ii) the existing mortgage is not now, and at the
time of Closing will not be, in default, and (iii) the existing mortgage does not contain
any provision that permits the holder of the mortgage to require its immediate payment in
full or to change any other term thereof by reason of the sale or conveyance of the
Premises.
5. Purchase Money Mortgage. (Delete if inapplicable) If there is to be a
purchase money mortgage as indicated in paragraph 3(c) above:
(a) The purchase money note and mortgage shall be drawn by the attorney
for Seller in the form attached or, if not, in the standard form adopted by the New York
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